Mill Levy Equalization

Current law requires the general assembly to appropriate or transfer money to the mill levy equalization fund (fund) for institute charter school (institute) funding. The act repeals the fund. For the 2024-25 budget year and each budget year thereafter, the general assembly shall appropriate money from the general fund or the state education fund to the state charter school institute to fund full mill levy equalization for all institute charter schools. Appropriations made in the annual general appropriation act for the 2024-25 state fiscal year to the department of education for use by the state charter school institute are adjusted as follows: The cash fund appropriation from the fund for institute mill levy equalization is decreased by $735,000; The reappropriated funds appropriation from the fund for institute mill levy equalization is decreased by $49,220,696; The general fund for institute mill levy equalization is decreased by $22,000,000; and The cash funds appropriation from the state education fund for institute mill levy equalization is increased by $22,000,000. APPROVED by Governor April 18, 2024 EFFECTIVE April 18, 2024(Note: This summary applies to this bill as enacted.)