Modernizes the inflation adjustment method for Maryland's maintenance of effort requirement in education funding.

Maryland HB562 updates the method for calculating the inflation adjustment in the maintenance of effort requirement for county governing bodies' appropriations to the school operating budget. The bill specifies that the inflation adjustment is the lesser of the increase in the implicit price deflator for State and local government expenditures or the Consumer Price Index for All Urban Consumers for the Washington Metropolitan Area, rounded to two decimal places.

Modernizes the inflation adjustment method for Maryland's maintenance of effort requirement in education funding.

Maryland HB562 updates the method for calculating the inflation adjustment in the maintenance of effort requirement for county governing bodies' appropriations to the school operating budget. The bill specifies that the inflation adjustment is the lesser of the increase in the implicit price deflator for State and local government expenditures or the Consumer Price Index for All Urban Consumers for the Washington Metropolitan Area, rounded to two decimal places.