Budget Amendment ID: FY2027-S4-690

EDU 690

Supporting K-12 Education Investments

Mr. Tarr moved that the proposed new text be amended Mr. Tarr moved that the proposed new text be amended aftrer Section ____ by inserting the following new sections:--- "SECTION______  section 2BBBBBB of chapter 29 of the general laws as appearing is hereby amended by inserting after the definition of “Dedicated higher education income surtax revenue amount”, the following definition:-

“Dedicated K–12 education income surtax revenue amount”, the amount of not less than $500,000,000 for each fiscal year, to be credited to the Commonwealth K–12 Education Fund established in section 2PPPPPP.”;

and fruther, in said section 2BBBBBB in the definition of “Remaining income surtax revenue” by inserting after the words “the dedicated higher education income surtax revenue amount” the following words:-

“, the dedicated K–12 education income surtax revenue amount”;

and further, in said section 2BBBBBB by inserting after subsection (a½) the following subsection:-

"(a¾) The dedicated K–12 education income surtax revenue amount shall be credited to the Commonwealth K–12 Education Fund established in section 2PPPPPP. Amounts credited to said fund shall be expended, subject to appropriation, for public elementary and secondary education, including but not limited to programs, services, operations, supports, and improvements that advance educational quality, equity, access, and student success in the commonwealth."; and

and further, by inserting after Section _ the following section:-

"SECTION _. Chapter 29 of the General Laws is hereby amended by inserting after section 2OOOOOO the following section:-

Section 2PPPPPP. Commonwealth K–12 Education Fund.

There shall be established and set up on the books of the commonwealth a separate fund to be known as the Commonwealth K–12 Education Fund. The fund shall be credited with: (i) the dedicated K–12 education income surtax revenue amount as defined in section 2BBBBBB; (ii) appropriations or other money authorized or transferred by the general court for the purposes of this fund; (iii) funds from public and private sources, including, but not limited to, gifts, grants and donations; and (iv) any interest earned on the assets of the fund.

Amounts credited to the fund shall be expended, subject to appropriation, for public elementary and secondary education, including but not limited to initiatives, programs, services, operations, supports, increased chapter 70 funding to promote the stability and sustainability of k-12 public school districts, and improvements that further the educational mission of the commonwealth’s public schools.

The unexpended balance in the fund at the end of a fiscal year shall remain available for expenditure in subsequent fiscal years. The fund shall not be subject to section 5C. No expenditure made from the fund shall cause the fund to be in deficit at any point."