AN ACT TO AMEND SECTION 37-151-7, MISSISSIPPI CODE OF 1972, TO REVISE THE MISSISSIPPI ADEQUATE EDUCATION PROGRAM FUNDING FORMULA TO PROVIDE THAT FOR EACH FISCAL YEAR BETWEEN THE RECALCULATION OF THE BASE STUDENT COST, THE BASE STUDENT COST SHALL BE INCREASED BY AN AMOUNT EQUAL TO 25% OF THE BASE STUDENT COST FOR THE PREVIOUS FISCAL YEAR, MULTIPLIED BY THE 20-YEAR AVERAGE ANNUAL RATE OF INFLATION ROUNDED UP TO THE NEAREST TENTH OF A PERCENT FOR THE STATE OF MISSISSIPPI AS DETERMINED BY THE STATE ECONOMIST, PLUS ANY ADJUSTMENTS FOR ADDITIONAL STATE REQUIREMENTS SUCH AS, BUT NOT LIMITED TO, TEACHER PAY RAISES AND HEALTH INSURANCE PREMIUM INCREASES; TO PROVIDE THAT THE STATE DEPARTMENT OF EDUCATION SHALL CERTIFY TO EACH SCHOOL DISTRICT THAT 28 MILLS, LESS THE ESTIMATED AMOUNT OF THE YIELD OF THE SCHOOL AD VALOREM TAX REDUCTION FUND GRANTS AS DETERMINED BY THE STATE DEPARTMENT OF EDUCATION, SHALL BE THE MILLAGE RATE REQUIRED TO PROVIDE THE DISTRICT REQUIRED LOCAL EFFORT FOR THAT YEAR, OR 29.5% OF THE BASIC ADEQUATE EDUCATION PROGRAM COST FOR SUCH SCHOOL DISTRICT, WHICHEVER IS A LESSER AMOUNT; TO REQUIRE 90% OF STATE CONTRIBUTIONS TO THE ADEQUATE EDUCATION PROGRAM FUNDS BE SPENT ON TEACHER SALARIES, CLASSROOM RESOURCES, ADD-ON PROGRAM COSTS AND EXPENSES OTHER THAN SALARIES FOR SUPERINTENDENTS, ASSISTANT SUPERINTENDENTS, PRINCIPALS, AND ASSISTANT PRINCIPALS, OR EQUIVALENT HEADS OF DISTRICT OR SCHOOL IN CHARTER SCHOOLS; TO PROVIDE THAT IF ANY CHARTER STUDENT RETURNS TO THE SCHOOL DISTRICT IN WHICH THE PUBLIC CHARTER SCHOOL IS LOCATED, THE CHARTER SCHOOL SHALL RETURN A PRORATED SHARE OF ADEQUATE EDUCATION PROGRAM PAYMENTS FOR THE STUDENT; TO PROVIDE THAT THE METHODOLOGY FOR THE REQUIRED STATE EFFORT IN SUPPORT OF THE ADEQUATE EDUCATION PROGRAM SHALL BE DETERMINED BY SUBTRACTING THE SUM OF THE REQUIRED LOCAL TAX EFFORT AND THE OTHER LOCAL REVENUE SOURCES IN AN AMOUNT NOT TO EXCEED 29.5% OF THE TOTAL PROJECTED ADEQUATE EDUCATION PROGRAM COST FROM THE TOTAL PROJECTED ADEQUATE EDUCATION PROGRAM COST; TO DELETE CERTAIN OUTDATED LANGUAGE; TO PROVIDE THAT IN FISCAL YEAR 2025, SUBJECT TO APPROPRIATIONS, NO SCHOOL DISTRICT SHALL RECEIVE LESS THAN A DISTRICT RECEIVED IN SAID STATE CONTRIBUTION IN FISCAL YEAR 2024; TO AMEND SECTION 37-57-1, MISSISSIPPI CODE OF 1972, TO CONFORM; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 37-151-7, 37-57-1
Committee Substitute: 37-151-7
As Passed by the Senate: 37-151-7