Requires five-year average of equalized property valuation be used in calculation of local share under State school funding formula.
The determination of state aid.
New Public School Finance Formula
Education: financing; limitations on mills levied for school operating purposes; revise. Amends secs. 20 & 22a of 1979 PA 94 (MCL 388.1620 & 388.1622a).
The option for a school district to reduce its local contribution deduction in the school state aid formula by the percentage of the local contribution which comes from in lieu of revenue.
The determination of state aid, boarding care costs, the coal development trust fund, the school construction assistance revolving loan fund, public improvement construction, bonds from contractors for public improvements, and school district levies; and to provide an effective date.
Relating to the use of tax collections in determining certain state and local responsibilities for school funding.