Section 1. Postsecondary enrollment options replacement revenue
Creates a new source of revenue for districts with fewer than 3,000 resident pupil units in which more than 20 percent of juniors and seniors are enrolled in a postsecondary course under the Postsecondary Enrollment Options Act. The authorized replacement revenue may be no greater than the sum of:
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payments made from the district to a postsecondary institution under section 124D.09, subd. 16; and
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payments made from the department to a postsecondary institution under section 124D.09, subd. 13.
This section is effective for revenue beginning in fiscal year 2015.
Section 2. Postsecondary enrollment options replacement levy
Authorizes a district to levy for replacement revenue on its adjusted net tax capacity. The levy is equalized such that districts with a higher tax capacity per pupil will raise a greater proportion of replacement revenue by levy than districts with lower tax capacity per pupil.
This section is effective for revenue beginning in fiscal year 2015.
Section 3. Postsecondary enrollment options replacement aid
Specifies that a district’s aid equals its revenue minus levy. If a district levies less than its permitted levy, its aid is reduced proportionally.
This section is effective for revenue beginning in fiscal year 2015.
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