Constitutional amendment; K-12 funding (first reference).

Constitutional amendment (first reference);K-12 funding. Provides that for any year in which there is asurplus, the budget shall include an appropriation of five percentof such surplus for the operational costs of local school divisions.The resolution provides for an equivalent decrease in the amountof operational costs funded by the Lottery Proceeds Fund and an equivalentincrease in the amount of funds in the Fund restricted exclusively for local school divisions' capital construction and renovation costs.If the restricted amount is equal to or greater than the amount inthe Fund, the increases and decreases are no longer required underthe resolution.