All Other $8,000,000 $12,600,000

__________ __________

School Revolving Renovation

Fund Total $8,000,000 $12,600,000

EDUCATION, DEPARTMENT OF

DEPARTMENT TOTALS 2003-04 2004-05

GENERAL FUND ($8,000,000) ($12,600,000)

SCHOOL REVOLVING RENOVATION

FUND $8,000,000 $12,600,000

____________ ____________

DEPARTMENT TOTAL - ALL FUNDS $0 $0

SUMMARY

Under this bill, the Commissioner of Education is required to transfer debt service funds to be used to provide additional state subsidy to be distributed to school administrative units to offset school repair, replacement and renovation costs to increase the state share of school renovation, repair and replacement costs. The bill, in essence, freezes the debt service limit for state-supported school construction projects to the $80,000,000 debt service limit established for fiscal year 2002-03; and, between fiscal year 2003-04 and fiscal year 2006-07, requires the Commissioner of Education to transfer an increasing percentage of debt service funds to the foundation allocation component of the general purpose aid for local schools program. The bill also provides for a transfer of $8,000,000 in fiscal year 2003-04 and an additional $12,600,000 in fiscal year 2004-05 from the state debt service allocation to the School Revolving Renovation Fund to increase the state share of school renovation, replacement and repair costs.