1.1 	A bill for an act
1.2 	relating to education finance; increasing the formula allowance;amending 
1.3 	Minnesota Statutes 2012, section 126C.10, subdivision 2.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2012, section 126C.10, subdivision 2, is amended to read:
1.6 		Subd. 2.Basic revenue. The basic revenue for each district equals the formula 
1.7 	allowance times the adjusted marginal cost pupil units for the school year. The formula 
1.8 	allowance for fiscal year 2011 is $5,124. The formula allowance for fiscal year 2012 is 
1.9 	$5,174. The formula allowance for fiscal year 2013 and subsequent years is $5,224.
1.10 	 The formula allowance for fiscal year 2014 is $5,380. The formula allowance for fiscal 
1.11 	year 2015 and subsequent years is $5,542.

1.12 	EFFECTIVE DATE. This section is effective for fiscal year 2014 and later.