| The bill provides that by fiscal year 2009-10 the state share |
of kindergarten to grade 12 education funding, as described by |
essential programs and services, must be 55%. It also |
establishes a local cost share expectation for property tax years |
beginning on or after April 1, 2005. The Commissioner of |
Education shall annually notify each school administrative unit |
of its expectation. This expectation must decline over the |
period from fiscal year 2005-06 to fiscal year 2009-10. The |
expectation may not exceed 9.0 mills in fiscal year 2005-06. It |
may not exceed 8.0 mills in fiscal year 2009-10. The legislative |
body of a school administrative unit may not adopt a property tax |
rate that exceeds its mill expectation unless, in a vote separate |
from its adoption of the school budget, it votes to increase the |
property tax rate. |