Introduced by Representatives Masland of Thetford, Bostic of St. Johnsbury, Livingston of Manchester and Seibert of Norwich
Subject: Education finance; capital construction costs; excess spending; designated high school
Statement of purpose: This bill proposes to exempt from the definition of excess spending for purposes of calculation of the homestead tax rate the amount of tuition paid by a school district to an independent school designated as the public high school of the district which is for capital construction costs for any portion of the capital project approved by the state board of education.
AN ACT RELATING TO EXEMPTION OF CAPITAL CONSTRUCTION COSTS FOR AN INDEPENDENT SCHOOL DESIGNATED AS THE PUBLIC SCHOOL OF A SCHOOL DISTRICT FROM CALCULATION OF EXCESS SPENDING
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5401(12) is amended to read:
(12) "Excess spending" means:
(A) the per-equalized pupil amount of:
(i) the district's education spending, plus any amount required to be added from a capital construction reserve fund under 24 V.S.A. § 2804(b); minus
(ii) the portion of education spending which is for approved school capital construction spending or deposited into a reserve fund under 24 V.S.A. § 2804 to pay future approved school capital construction costs. This includes that portion of tuition paid to an independent school designated as the public high school of a school district pursuant to 16 V.S.A. § 827 for capital construction costs by the independent school which has received approval from the state board of education, using the processes for preliminary approval of public school construction costs pursuant to 16 V.S.A. § 3448(a)(2);
(B) in excess of 125 percent of the statewide average district education spending per equalized pupil in the prior fiscal year, as determined by the commissioner of education.
The Vermont General Assembly
115 State Street