2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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Federal Revenue Deduction - Phase out LWA cap

Item 135 #8h

Item 135 #8h

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 ($1,987,200) FY2008 ($3,874,396) GF

Page 108, line 9, strike "$5,870,354,889" and insert "$5,868,367,689".
Page 108, line 9, strike "$6,000,814,369" and insert "$5,996,939,973".

(This amendment begins to phase out the linear weighted average cap on the calculation for the federal revenue deduction. The first year will realize $1.9 million savings from phasing out 10 percent of the cap and the second year will realize a $3.7 million savings from phasing out 20 percent of the cap. Changing the current methodology will enable the general fund to realize all of the 29 percent deduction savings of certain federal revenues (i.e. Title I: Improving Basic Programs, Title II-A: Improving Teacher Quality, Title IV: Safe & Drug Free Schools, Title V: Innovative Programs, Carl Perkins: Vocational Education, and IDEA: Special Education).)