Adjustments To School Funding Fiscal Year 2022-23
In addition, the local property tax revenue and specific ownership tax revenue are higher than anticipated, resulting in an increase in the local share of total program funding.
The bill declares the general assembly's intent to maintain the budget stabilization factor at the amount of the original appropriation for the 2022-23 budget year.
The bill decreases the appropriation for the state share of total program funding by $76,383,372 in cash funds from the state education fund and adjusts the 2022-23 state fiscal year long bill accordingly.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)