Bill > H3392

This bill establishes a new "Unfunded Student Reserve Fund" managed by the Department of Elementary and Secondary Education to support school districts facing unexpected increases in student enrollment. This fund will be financed through various public and private sources, including appropriations, gifts, grants, and donations, with any unspent money carrying over to the next fiscal year instead of returning to the general fund. The fund will be overseen by the board of elementary and secondary education, which will administer expenditures and ensure the fund's balance remains between $5 million and $30 million, with no more than 8% of annual funds used for administrative costs. The primary purpose of this reserve fund is to reimburse school districts that experience a significant influx of new students during the fiscal year, specifically those with a net increase of over 100 students between October 1 of the previous year and March 1 of the application year, to help cover the costs associated with these unanticipated enrollment changes as calculated under Chapter 70, which governs school finance. The bill outlines a regulatory process for districts to apply for reimbursement, with specific deadlines and reimbursement calculations based on the state's portion of the foundation budget for each new student or a pro-rated amount if funds are limited.