Education finance.

Existing law creates the Federal Trust Fund in the State Treasury for the deposit of moneys received from the federal government where the expenditure is administered through or under the direction of any state agency. This bill would appropriate $1,201,534,585 from the Federal Trust Fund to the Office of Planning and Research for the 2010–11 fiscal year upon notification to the state of a funding award pursuant to the federal Education Jobs and Medicaid Assistance Act. From that amount, the bill would require the Office of Planning and Research to transfer $1,201,406,585 to the State Department of Education for purposes of implementing that federal act and make $128,000 available to the Office of Planning and Research for the purposes of providing oversight of funds allocated to local educational agencies pursuant to the bill. Of the amount transferred to the department, the bill would require that $1,199,906,585 be allocated to local educational agencies, as specified, and would make $1,500,000 available to the department for administrative purposes related to that allocation. This bill would declare that it is to take effect immediately as an urgency statute.