Education finance: Education Equalization Act: Equalization Reserve Account.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Pending Referral
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill proposes an amendment to the California Constitution to create the Education Equalization Act, specifically establishing the Equalization Reserve Account in the General Fund. The measure requires the Controller to transfer an amount equal to the previous year’s transfer to the Public School System Stabilization Account into this new account. Interest earned in the account would be allocated to increase per-pupil funding in non-basic aid school districts, with a minimum allocation of 80% of the interest earned. The bill defines non-basic aid school districts and allows the Legislature to suspend transfers if per-pupil funding in those districts equals or exceeds that in basic aid districts.
Key provisions
- Establishes the Equalization Reserve Account in the General Fund.
- Requires transfers from the Public School System Stabilization Account to the Equalization Reserve Account.
- Directs interest earned in the Equalization Reserve Account to increase per-pupil funding in non-basic aid school districts.
- Defines ‘non-basic aid school districts’ based on prior funding receipt.
- Allows the Legislature to suspend required transfers if per-pupil funding is equal across districts.
- Excludes transfers to and from the account from funding calculations.
- Specifies that only interest earned in the account can be allocated.
- Requires a minimum allocation of 80% of interest to non-basic aid districts.
Who is affected
- School districts
- Community college districts
Bill text
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Sponsors
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1 on record
Primary sponsor
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