Nebraska LB498 amends foundation aid provisions and certification dates under the Tax Equity and Educational Opportunities Support Act.

Nebraska LB498 modifies the Tax Equity and Educational Opportunities Support Act by altering the foundation aid formula and certification dates for school districts. For the 2023-24 school fiscal year, 100% of foundation aid is included as a formula resource, while for 2025-26 and subsequent years, 60% is included. The bill also changes the allowable reserve percentages for school districts and adjusts the budget authority for general fund expenditures. It mandates that the department determine and certify each district's applicable allowable reserve percentage annually.

Nebraska LB498 amends foundation aid provisions and certification dates under the Tax Equity and Educational Opportunities Support Act.

Nebraska LB498 modifies the Tax Equity and Educational Opportunities Support Act by altering the foundation aid formula and certification dates for school districts. For the 2023-24 school fiscal year, 100% of foundation aid is included as a formula resource, while for 2025-26 and subsequent years, 60% is included. The bill also changes the allowable reserve percentages for school districts and adjusts the budget authority for general fund expenditures. It mandates that the department determine and certify each district's applicable allowable reserve percentage annually.