SECTION 1. Section 2 of chapter 70 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by striking out, in lines 46 through 57, the definition of “Foundation allotments” and inserting in place thereof the following new definition:-

“Foundation allotments”, the sum of the foundation category costs for each district; provided, however, that the sum in each foundation category shall be the product of enrollment in each foundation enrollment category that is eligible for the respective foundation category and the per-pupil rate assigned to each foundation category; provided further, that in each year the per-pupil rate for each foundation category, except employee benefits and fixed charges, shall not be less than the foundation per-pupil rate in section 3 of this chapter adjusted by the foundation inflation index; and provided further, that in each year the rate for employee benefits and fixed charges shall not be less than the prior year's rate adjusted by the foundation employee benefits inflation rate.

SECTION 2: Said section 2 of said chapter 70, as so appearing, is hereby further amended by striking out, in lines 93 through 96, the definition of “Foundation inflation index” and inserting in place thereof the following new definition:-

“Foundation inflation index”, the ratio of the value of the implicit price deflator for state and local government consumption expenditures and gross investment in the first quarter of the prior fiscal year to the value of that same deflator in the first quarter of fiscal year two thousand and nineteen; provided that the increase in the index over the prior fiscal year shall not exceed four-and-one-half percent.