The bill establishes the School Financing Review Commission in Nebraska, consisting of eighteen members, including representatives from the education sector, the Governor's office, and the Legislature. The commission's primary purpose is to study and provide recommendations on school funding, particularly focusing on the Tax Equity and Educational Opportunities Support Act. It will evaluate the school funding formula, analyze the impact of funding on student achievement, and review resources and needs related to education. The commission is required to meet at least four times a year and submit an annual report with its findings and recommendations.

Additionally, the bill amends section 79-1028.01 of the Reissue Revised Statutes of Nebraska, allowing school districts to exceed their budget authority for the general fund budget of expenditures under specific circumstances. Notably, it introduces new provisions for expenditures related to employer contributions to the School Employees Retirement System, allowing certain amounts to be carried over into future budgets. The original section is repealed, and the bill is declared an emergency measure, taking effect immediately upon passage and approval.

Statutes affected:
Introduced: 77-3442, 79-1001, 79-1006, 79-1022, 79-1022.02, 79-1023, 79-1027, 79-1031.01
Final Reading: 79-1028.01
Slip Law: 79-1028.01