|SB 0915||Equal Fund. Formula For Sch./Replaces Prop. Tax w/Sales Tax|
|LR Number:||S2598.01I||Fiscal Note:||2598-01|
|Last Action:||03/05/96 - Hearing Conducted S Education Committee|
SB 915 - This act, upon voter approval, removes the school operating levy as a funding source and increases the state sales tax rate from 4 cents to 7 cents, dedicating the increase to the "School District Trust Fund", established in 1982 upon voter approval of Proposition C.
Moneys in the School District Trust Fund shall be distributed based on the revised state aid formula. The state aid formula is revised replacing the levy-driven entitlement with a flat, per pupil entitlement based upon appropriations and number of pupils. From this entitlement, all other forms of local wealth, including merchants and manufacturers replacement tax (M&M) revenues, are deducted. To this net entitlement, categorical funding is added on: transportation, special education, gifted education, career ladder, vocational education and education and screening (Parents as Teachers). OTTO FAJEN AND TOM CRAWFORD