An Act relating to education funding; relating to the public education fund; relating to the base student allocation; and providing for an effective date.

SB 46 adjusts Alaska's public school funding formula by changing how the "base student allocation" is applied to calculate each district's state aid. It requires school districts to comply with specific standards to receive construction or maintenance grants and modifies how "basic need" is determined by adding the base student allocation to state aid, then subtracting local contributions and federal aid. The bill also establishes a three-year adjustment method for districts experiencing a 5% or greater drop in student enrollment, allowing them to use prior-year enrollment data to offset funding reductions. These changes directly affect Alaska school districts in calculating their state education funding. The bill is currently under review by the Senate Education Committee.