The bill H.750 proposes significant changes to the definition of education spending and the process for school construction projects in Vermont. Specifically, it seeks to exclude capital construction costs from the calculation of excess spending, thereby allowing school districts to manage their budgets more effectively without the burden of these costs impacting their spending limits. Additionally, the bill amends the definition of education spending to clarify that voter-approved bond payments for principal and interest will not be included in this calculation, which is a shift from the previous language that included such payments.

Furthermore, the bill establishes that any school district that begins construction before July 1, 2026, will be deemed to have good cause for commencing work prior to receiving final approval from the Secretary under the State Aid for School Construction Program. This provision aims to facilitate timely school construction projects during a moratorium on state aid. The effective dates for these changes are set to take effect upon passage for the exclusion of excess spending and on July 1, 2026, for the final approval process related to construction aid.

Statutes affected:
As Introduced: 16-4001, 16-3445(a)(5), 16-3445, 16-3445(a)