SB 0553 Alters the foundation formula by completely removing the line 1(b) calculation
LR Number:1844S.01I Fiscal Note:1844-01
Last Action:02/25/03 - Second Read and Referred S Education Committee Journal page:S310
Effective Date:August 28, 2003
Full Bill Text | All Actions | Available Summaries | Senate Home Page | List of 2003 Senate Bills
Current Bill Summary

SB 553 - This act removes the line 1(b) formula calculation (which currently determines an entitlement amount for any portion of a levy above the minimum-required levy) and alter the line 1(a) calculation accordingly, so that a district's entitlement would be the product of: multiplying the number of eligible pupils by the district's operating levy for school purposes multiplied by the guaranteed tax base per eligible pupil times the proration factor.

In other words, under the provisions of this act, should the formula be underfunded, all of the districts' entitlements will be calculated utilizing the same proration factor, regardless of the levy a district imposes. The current formula, if underfunded, applies a lower proration factor when calculating the portion of a district's entitlement which is above $2.75.