Bill No.: SF0061                  Drafter:  DRN

LSO No.:  08LSO-0274              Effective Date:  7/1/2008

Enrolled Act No.:  SEA0008

Chapter No.:       17

Prime Sponsor:     Joint Education Interim Committee

Catch Title:       School finance-recapture payments.

Subject:  School finance payment of amounts recaptured from school districts whose local resources exceed foundation program guarantee amount.

Summary/Major Elements:

• Modifies schedule for payment of amounts recaptured from those districts whose local resources exceed foundation program guarantee levels effective school year 2008-2009;

• Current law establishes the recapture payment due date at the end of each school year (June 15);

• Under the proposal, the recapture payment schedule requires quarterly amounts due on January 15, March 15 and May 15, with final settlement due on June 15 of each school year;

• The repayment date for entitlement loan payments to recapture districts payable on August 15 of each school year is extended to repayment by June 15 of the school year received.  Current law requires 50% repayment by January 31 of the school year in which received.