This bill aims to enhance education finance in Minnesota by increasing the general education basic formula allowance. Specifically, it amends Minnesota Statutes 2023 Supplement, section 126C.10, subdivision 2, to set the formula allowance for fiscal year 2025 at $7,427, replacing the previous figure of $7,281. Additionally, the bill outlines that the formula allowance for fiscal year 2026 and beyond will be determined based on the previous year's allowance, adjusted for inflation, ensuring that it reflects economic changes.

Furthermore, the bill modifies Laws 2023, chapter 55, article 1, section 36, subdivision 2, regarding general education aid appropriations. It specifies that the 2024 appropriation will include $707,254,000 for 2023 and $7,386,239,000 for 2024. For the 2025 appropriation, it includes $771,521,000 for 2024, while the amount for 2025 is yet to be finalized, as indicated by the placeholder in the text. Overall, the bill emphasizes the legislature's commitment to adequately funding public schools in accordance with its constitutional obligations.