Education finance.

Existing law appropriates the sum of $402,000,000 from the General Fund to the Superintendent of Public Instruction for the 2009–10 fiscal year to be allocated to schoolsites selected to participate in the Quality Education Investment Act program, as specified. Existing law requires the Superintendent, for each school district and chartering authority receiving an allocation pursuant to these provisions, to reduce its revenue limit or its general purpose entitlement, as specified, for the 2009–10 school year by the amount of the allocation received pursuant to these provisions. This bill would condition this reduction upon certification by the Superintendent that an equivalent amount of additional federal or state funds that may be used by a school district or chartering authority for revenue limit or general purpose uses have been made available to the school district or chartering authority. The bill would require the Superintendent of Public Instruction and the Director of Finance to report to the Legislature by March 1, 2010, the amount of the reductions specified in the bill that will not be eligible for restoration with available federal funding. The bill would require the Superintendent of Public Instruction to use $64,872,000 in federal funds, as specified, in combination with other available funds, for the purpose of awarding grants to local educational agencies that participate in the Quality Education Investment Act Program in the 2009–10 fiscal year, thereby making an appropriation.