School Finance Mid-year Adjustment To Funding

School finance - mid-year adjustment - 2017-18 budget year - appropriations. The general assembly recognizes that the actual funded pupil count and the actual at-risk pupil count for the 2017-18 school year are lower than anticipated when the appropriation amount was established during the 2017 legislative session. In addition, local property tax and specific ownership tax receipts are more than anticipated, increasing the local share of total program funding, which resulted in a reduction in the state's share of total program funding of $103,934,329. The act declares the general assembly's intent to maintain the average amount of funding distributed per pupil on a statewide basis at the level of the original appropriation, resulting in a $5.9 million dollar reduction in the budget stabilization factor. The act adjusts the minimum amount of total program funding specified in statute to reflect this intent.

For the 2017-18 budget year, the act reduces the appropriation from the state public school fund by $73,210,538 and transfers $30,723,466 of general fund to the state public school fund so that the full amount of the reduction in the state's share of total program funding is reflected in the balance of the state public school fund.

The act requires the general assembly to appropriate $7,033,883 from the state public school fund for purposes of school safety resulting from the reduction in state share of district total program funding for the 2017-18 budget year.

The act makes technical amendments to the hold harmless full-day kindergarten funding and ASCENT program funding to reflect the total program funding amounts included in the act.

(Note: This summary applies to this bill as enacted.)