This bill proposes significant changes to the education finance system in Minnesota, specifically focusing on the local optional revenue program. It renames the program to "local education revenue" and increases its funding. The bill amends several sections of the Minnesota Statutes, including provisions related to general education revenue for charter schools, local education allowances, and referendum tax base replacement aid. Notably, it establishes new definitions for "regional average wage" and "statewide average wage," and sets the local education allowance at $979 for fiscal year 2027, with adjustments for subsequent years based on the general education basic formula allowance.

Additionally, the bill outlines the effective dates for these changes, primarily for fiscal year 2027 and later. It also includes appropriations for general education aid and instructs the revisor of statutes to update terminology throughout Minnesota Statutes to reflect the new language. The changes aim to enhance funding mechanisms for education, ensuring that charter schools and school districts receive adequate financial support while also modernizing the language used in the statutes.

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