| 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. |