The proposed bill, Substitute Bill No. 7, aims to enhance educational equity in Connecticut by revising the funding formulas for public education. It repeals and replaces specific provisions in section 10-262f of the general statutes regarding the "foundation" amount for educational funding. The new language establishes a foundation amount of $11,525 for the fiscal year ending June 30, 2026, and outlines a gradual increase to $15,500 by the fiscal year ending June 30, 2031, with adjustments based on personal income or inflation. Additionally, the bill modifies the definition of "regional bonus" to include new provisions for towns that do not maintain a high school but pay tuition for their students to attend high school in other districts.

Furthermore, the bill establishes a working group tasked with studying the equalization aid grant formula and other state funding for public education. This group will consist of various stakeholders, including elected officials, school principals, and representatives from educational associations, and is required to submit a report with findings and recommendations by January 1, 2027. The bill also repeals section 10-15i of the general statutes, indicating a significant shift in the legislative framework governing educational funding in the state.

Statutes affected:
Committee Bill: 10-198a, 10-198b
ED Joint Favorable Substitute: 10-15i
File No. 448: 10-15i
APP Joint Favorable: 10-15i