SF2244

This bill, S.F. No. 2244, pertains to education finance in Minnesota. It proposes an increase in the referendum levy equalizing factors, which are used to determine how much school districts can levy in property taxes to support education funding.

Key Changes:

• Amends Minnesota Statutes 2024, section 126C.17, subdivision 6.
• Adjusts the equalization factors that determine the referendum equalization levy, which helps distribute school funding more equitably.
• First-tier equalization: The current equalizing factor of $567,000 is increased to $1,500,000.
• Second-tier equalization: The current factor of $290,000 is increased to $870,000.
• These changes mean that districts with lower property wealth will receive greater state assistance in generating revenue for education.

Purpose:

• To enhance state support for school districts with less property wealth.
• To reduce disparities in education funding across districts.
• To provide additional state funding for education by modifying how equalization aid is calculated.

This bill appropriates additional money to support these changes, but specific funding amounts are not detailed in this summary.