This bill amends the existing law regarding the required local contribution made by city or borough school districts for public school funding in Alaska. It specifies that the required local contribution is equivalent to a 2.65 mill tax levy on the full and true value of taxable real and personal property in the district as of January 1 of the second preceding fiscal year. The bill introduces new provisions that allow the required local contribution to not exceed 45 percent of a district's basic need for the preceding fiscal year or to increase by more than two percent compared to the district's required local contribution for the preceding fiscal year.

Additionally, the bill includes a retroactivity clause, stating that the changes will be effective from July 1, 2025. It also establishes that the Act will take effect immediately upon passage, as per the provisions of AS 01.10.070(c). These amendments aim to provide clearer guidelines for local contributions to public school funding while ensuring that increases remain manageable for school districts.

Statutes affected:
SB0278A, AM SB 278, introduced 03/16/2026: 14.17.410, 14.17.470, 14.17.450, 14.17.460, 14.17.420, 14.17.430, 14.17.510, 29.45.110