Bill > LB303

This bill creates the School Financing Review Commission, a new 18-member body tasked with studying and providing recommendations about school funding in Nebraska. The commission will include representatives from education, government, schools, business, and agriculture, with members appointed by the Governor and the Legislative Council. The commission's key responsibilities include evaluating the current school funding formula, reviewing its resources and needs sides, analyzing the impact of education funding on student achievement and outcomes, and studying how funding affects students with high needs. The commission will be required to prepare an annual report by December 1st each year, starting in 2025, detailing its observations and recommendations. Additionally, the bill modifies existing law to provide some flexibility in school district budget authority, specifically allowing certain expenditures to be excluded from budget calculations, such as retirement contributions and special grants. The commission will be administratively housed within the State Department of Education and will meet at least quarterly, with members receiving expense reimbursement but no direct compensation. The bill includes an emergency clause, meaning it will take effect immediately upon passage.