SUMMARY:

This is a proposed Constitutional amendment requiring a prioritization of expenditures in the annual supplemental budget.

REQUIREMENTS:

• Would require that carry over funds from one budget year to the next (supplemental budget) be spent in the following priority order:
  • Student enrollment increases
  • Revenue Shortfall Reserve to ensure the fund balance is at least 8 percent of the previous fiscal year's net revenue
  • Reduction of state indebtedness or tax relief to taxpayers, or both
• Exceptions to the requirement could be made by 3/5 vote of both houses of the General Assembly

POINTS TO CONSIDER:

• It is important to school districts that funding be provided for students that enroll during the school year.

EFFECTIVE DATE:

Upon passage of the amendment and passage of enabling legislation by the General Assembly.