The bill aims to increase the funding given to each student in public schools in Minnesota. Specifically, it proposes to raise the basic formula allowance — the amount of money schools receive per student — by three percent each year. This plan starts with the formula allowance increasing from $6,863 in 2023 to $7,138 in 2024 and then to $7,281 in 2025. For 2026 and the years following, the allowance will continue to increase either by 2% or 5%, or according to the rate of inflation, whichever is greater, but it won't increase by more than 3% or 6%. The Commissioner of Education will calculate and publish these amounts based on the Consumer Price Index, a measure of inflation. This funding is part of the state’s commitment to meet its educational responsibilities as outlined by the constitution.