HF515

This bill is focused on the funding of education in Minnesota. It proposes an increase in the general education basic formula allowance by three percent every year. This formula determines the amount of money that public schools receive per student. The increases for fiscal years 2024 and 2025 are specified, and from 2026 onwards, the formula allowance will be adjusted annually either by two percent or by the rate of inflation, whichever is greater, but not to exceed three percent. This adjustment will be calculated based on changes in the Consumer Price Index and published by the end of February each year. The purpose of this bill is to ensure that the funding for public schools aligns with the state's constitutional obligations to provide education.