Dear Friends and Neighbors,
On Monday, the House Republican Caucus announced our budget proposal, and targets for each finance committee. Our proposed budget would provide $1.35 billion in tax relief to Minnesotans, while remaining fiscally responsible and holding to a sustainable level of spending.
In addition to the significant tax relief in our budget, provisions would also help to lower the cost of health care, build road and bridge infrastructure around the state, and invest in our students’ educations.
The Education Finance portion of our budget is currently being finalized in committee. This bill allocates $1.1 billion in new education funding over the next two years for our schools, and increases the school funding formula in the coming biennium by 1.5% and 1.5% in the first and second years.
In addition to these general funding increases, an additional $24 million focuses on a new program for low-income students who are falling behind academically, enabling them to participate in before school, after school, and summer programs. Our smallest students and their families will benefit from $25 million that is dedicated toward early learning scholarships, as well as an additional $8.5 million in school readiness aid. These funding streams will allow parents to make the best decision for their family situations and their child’s individual needs.
I will provide additional information on finance bills as they continue to be passed out of their respective committees.