Establish education inflation reconciliation process

The formula for calculating the inflation factor was updated to raise the consumer price index ratio to the power of one-third.

New reporting requirements were added to mandate a cumulative numerical comparison between funding increases and inflation percentages.

The bill title was revised to remove the phrase 'analyzing' and streamline the description of the act's purpose.

The page numbering in the authorized print version was updated to reflect the new version of the bill.

Added a requirement for the Superintendent of Public Instruction to submit detailed reports to the Education Interim Budget Committee and Legislative Finance Committee comparing funding increases to inflation rates.

Modified the funding formula to allow the present law base to be increased by a calculated amount if both the Education Interim Budget Committee and the Education Interim Committee vote to do so.

Clarified the definition of 'consumer price index' to specify the exact U.S. Bureau of Labor Statistics metric to be used for calculations.

Adjusted the reporting schedule to require reports by September 1 and December 31 for even-numbered fiscal years starting in 2026.

Added the phrase 'under subsection (3) of this section' to specify the exact calculation method for the inflation reconciliation factor, eliminating ambiguity about the source of the calculation.

Added a new coordination instruction requiring Senate Bill No. 258 to be voided if both bills are approved.

Removed the original Section 2 which stated the effective date, as it was replaced by the coordination instruction.

Moved the effective date provision to a new Section 3 to accommodate the new coordination clause.

Updated the bill number from HB 266.3 to HB 266.4 throughout the document.

Added a provision allowing the present law base to be increased by a calculated inflation reconciliation factor if both the Education Interim Committee and the Legislative Finance Committee vote to include it.

Modified the reporting requirements to mandate a cumulative numerical comparison between per-student funding increases and consumer price index changes to better assess inflationary impacts.

Adjusted the title and section headers to reflect the new conditional funding increase mechanism and updated reporting duties.

Added a provision allowing the present law base to include an 'inflation reconciliation factor' if both the education interim budget committee and the education interim committee vote to include it.

Established a new requirement for the Superintendent of Public Instruction to submit annual reports to the education interim budget committee and the legislative finance committee comparing funding growth to inflation.

Clarified the effective date of the act as July 1, 2025.

Corrected punctuation in line 27 by replacing an ellipsis with a period.

Added a mandatory December 31 reporting deadline to the Legislative Finance Committee regarding the educational relevance of inflation adjustments.

Modified the inflation calculation process to include an optional 'inflation reconciliation factor' that can be added to the present law base if two specific interim committees vote to include it.

Updated the frequency of reports to occur every fourth even-numbered fiscal year starting in 2026, rather than every fourth fiscal year.

Changed the bill title to emphasize 'analyzing' inflation adjustments rather than just revising them, suggesting a new evaluative component to the funding process.

Clarified that the legislature retains the authority to adopt inflationary adjustments not calculated in the standard formula.

Establishes a process to calculate an inflation reconciliation factor that can increase future school funding if adopted by the education committees.

Requires the superintendent to submit an annual report comparing funding growth to inflation rates beginning in fiscal year 2026.

Defined 'consumer price index' specifically as the U.S. Bureau of Labor Statistics index using the 1982-84 base.

Added a requirement for the Education Interim Budget Committee and Education Interim Committee to vote on whether to include an inflation reconciliation factor in the funding base.

Added a requirement for the Superintendent of Public Instruction to submit a detailed report comparing funding increases against inflation data every fourth fiscal year starting in 2026.

Modified the funding calculation to make the inclusion of the inflation reconciliation factor contingent on a specific committee motion rather than being automatic.

Adjusted the bill header formatting and section numbering to reflect the new version of the legislation.

The bill identifier changed from LC 2919 to HB 266.1, and the bill title was updated to include a new section ensuring the funding formula is self-executing.

The reporting requirements for the Superintendent of Public Instruction were significantly expanded to include funding data from the preceding five fiscal years and a new calculation to compare cumulative percentage changes.

The deadline for the Superintendent to provide the inflation report was changed from September 1, 2025, to a recurring schedule starting in fiscal year 2026 and occurring every fourth fiscal year thereafter.

The definition of the 'consumer price index' was updated to include a specific instruction to compare the current year's index against the preceding five years.