This bill focuses on amending education finance laws in Minnesota, specifically by renaming the "local optional revenue program" to "local education revenue program" and increasing its funding. Key amendments include changes to the revenue calculation for charter schools, which will now receive general education revenue as if they were school districts, with specific adjustments for various types of revenue. The bill also establishes new definitions for "regional average wage" and "statewide average wage," and sets the local education allowance at $979 for fiscal year 2027, with provisions for future adjustments based on the general education basic formula allowance.

Additionally, the bill outlines changes to referendum tax base replacement aid and guarantees, ensuring that districts receive adequate funding based on adjusted pupil units. It includes appropriations for general education aid and instructs the revisor of statutes to update terminology throughout Minnesota Statutes to reflect the new language. The effective date for many of these changes is set for fiscal year 2027 and later, indicating a significant shift in how education funding is structured and allocated in the state.

Statutes affected:
Introduction: 126C.10, 126C.17, 127A.47