S.F. 569 adjusts the equalizing factors used to calculate the aid/levy mix of referendum revenue, equity revenue, transition revenue, and debt service revenue. The bill redefines these factors as statewide average property values per pupil unit so that the factors will automatically adjust as property values per pupil unit rise or fall on a statewide basis. Currently,the factors are statutorily fixed at certain dollar values.
Section 1. Creates new debt service equalizing factors defined in relationship to the statewide average net tax capacity per adjusted marginal cost pupil unit. The tier 1 factor is set to 150 percent of this statewide average figure and the tier 2 factor is 200 percent of this figure.
Section 2. Redefines the calculation of equity levy in relation to a new state first tier referendum equalizing factor (factor defined in Section 5 below).
Section 3. Redefines the calculation of transition levy in relation to a new state first tier referendum equalizing factor (factor defined in Section 5 below).
Section 4. Redefines the calculation of referendum equalization levy in relation to new first and second tier referendum equalizing factors (factor defined in Section 5 below).
Section 5. Creates new referendum equalizing factors defined in relationship to the statewide average referendum market value per resident marginal cost pupil unit. The tier 1 factor is set to 150 percent of this statewide average figure and the tier 2 factor is 100 percent of this figure.
Effective Date: Effective for revenue beginning in fiscal year 2015.
BA:dv
|