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 advisory recommendations on school funding, evaluate the existing funding formula under the Tax Equity and Educational Opportunities Support Act, and analyze the impact of funding on student achievement and resources for students with high needs. 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. Notable changes include the introduction of new provisions regarding employer contributions to the School Employees Retirement System and the ability to carry over certain expenditures into future budget authorities for the fiscal years 2025-26 and 2026-27. The original section is repealed, and the act is declared an emergency measure, taking effect immediately upon approval.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