This bill amends RSA 198:15-a, IV to require a minimum of $50,000,000 per fiscal year to be transferred to the school building aid fund for school building aid grants, in addition to any debt service payments. The bill specifies that this minimum amount shall be transferred unless otherwise provided by an act of the general court. The bill also states that school building aid grants shall be funded from appropriations in the state operating budget and no state bonds shall be authorized or issued for this purpose. The bill takes effect upon its passage.

The fiscal note for this bill states that it would increase state expenditures and local revenues. Assuming $50,000,000, in addition to any debt service payments owed, were allocated for school building aid, the bill would increase state expenditures by $29,400,000 in FY 2024, $32,700,000 in FY 2025, and $35,200,000 in FY 2026. Local revenues would also increase by the same amounts in those fiscal years. The funding source for the transfer to the school building aid fund is not specified in the bill and would be determined in the state operating budget. The Department of Education was contacted regarding this bill.

Statutes affected:
Introduced: 198:15-a