SB 743: Education finance: Education Equalization Act: Equalization Reserve Account.

The bill proposes the establishment of an equalization reserve account in the general fund. This account will hold interest earned on funds and be used to increase per-pupil funding in non-basic aid school districts. To be operative, a constitutional amendment is required to exclude funds from computations of the minimum funding obligation, total annual state appropriations, and to allocate a percentage of the interest in the account to increase per-pupil funding. The amendment must be approved by the voters. The bill aims to address education finance disparities by providing additional funding to school districts that do not receive the full amount of local control funding formula funds.