The bill extends the provision that reduces local shares for public school capital outlay projects through fiscal year 2027, allowing some school districts to have their local shares reduced by one-third and certain small school districts by one-half. Additionally, it eliminates some criteria that the Public School Capital Outlay Council must consider before adjusting a school district's local share, streamlining the process for funding public school capital outlay projects. The bill also includes conforming amendments to ensure consistency with the new provisions.

Key amendments include the adjustment of the state share for projects approved by the council, which will now be calculated based on a formula that considers the phase two formula value and the size of the school district. The bill specifies that for fiscal years 2024 through 2027, the state share will be determined by the phase two formula value plus a percentage of the difference between one and that value, with a more favorable adjustment for smaller districts. Furthermore, the council is tasked with regularly reviewing and updating statewide adequacy standards to ensure that all school districts can meet the necessary requirements for public school facilities.

Statutes affected:
introduced version: 22-24-5
Final Version: 22-24-5