Referendum allowances reduction provision, local optional revenue authority increase provision, and appropriation

This bill (SF 2340) modifies Minnesota school funding formulas to adjust local revenue limits for school districts. It increases the first-tier local optional revenue from $300 to $400 per adjusted pupil unit starting in fiscal year 2027, while reducing referendum allowances by $424 for 2027 and later (and an additional $100 for 2026 calculations). The bill also updates maximum levy limits for second-tier revenue based on district-specific market values, with specific dollar thresholds for each fiscal year (e.g., $671,345 for 2027+). It includes appropriations for the Department of Education for fiscal years 2026-2027. These changes directly affect all Minnesota public school districts in calculating their local funding capacity.