Budget Amendment ID: FY2023-S4-808

OTH 808

Foundation Budget Inflation index

Mr. Brady, Ms. DiZoglio, Messrs. Moore, Eldridge, Cronin, Tarr and Pacheco, Ms. Moran, Mr. Lesser, Ms. Edwards, Ms. Jehlen, Ms. Lovely and Mr. Timilty moved that the proposed new text be amended in section 3, by inserting after the word “below”, in line 28, the following words:-  "in FY 2024 the foundation budget rates shall be increased by an additional 1.4% and if actual inflation exceeds the cap in FY 2024, then the 1.4% and any additional gap shall be carried forward into future years and rates shall be increased so that future year rates and foundation budgets reflect actual inflation since FY 2022’’.