Fiscal Note

HB0069S01 - Repeal of Board Leeway for Reading Improvement

State Impact:
This bill appropriates $20,000,000 in ongoing money from the Uniform School Fund to the State Board of Education for the K-3 Reading Improvement Program.

Individual, Business and/or Local Impact:
This bill repeals authorization for a local school district property tax levy of up to .000121 per dollar of taxable value for funding each district's K-3 Reading Improvement Program. The bill replaces local property tax collections of $12,956,000 with state funds and eliminates the required local match. The bill also increases the overall amount of funding from $31,674,600 ($15,000,000 state funds plus $12,956,000 property tax plus $3,718,600 other local funds) to $35,000,000 (all state funds). Local matching funds from sources other than the property tax levy can be kept in the Reading Improvement Program or reallocated to other district priorities. Under this bill's revised allocation formula, most school districts and charter schools will receive more state funds than before, however some will receive less. Residents of school districts where this local property tax is levied will no longer be charged the tax.