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, specifically evaluating the school funding formula under the Tax Equity and Educational Opportunities Support Act. It will analyze various aspects of funding, including its impact on student achievement and the needs of students with high needs. The commission is required to report its findings annually to the Clerk of the Legislature.

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 regarding employer contributions to the School Employees Retirement System, allowing certain expenditures 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 The original section is repealed, and the bill is declared an emergency measure, taking effect immediately upon passage.

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