1.1 	A bill for an act
1.2 	relating to education finance; increasing the basic formula allowance by 2.5 percent 
1.3 	per year; appropriating money;amending Minnesota Statutes 2016, section 
1.4 	126C.10, subdivision 2.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2016, section 126C.10, subdivision 2, is amended to read:
1.7 		Subd. 2.Basic revenue.  The basic revenue for each district equals the formula allowance 
1.8 	times the adjusted pupil units for the school year. ~~The formula allowance for fiscal year~~ 
1.9 	~~2015 is $5,831. The formula allowance for fiscal year 2016 is $5,948.~~ The formula allowance 
1.10 	for fiscal year 2017 ~~and later~~ is $6,067. The formula allowance for fiscal year 2018 is $6,219. 
1.11 	The formula allowance for fiscal year 2019 and later is $6,374.