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Joint Fiscal Office walks Senate Finance through Act 73 fiscal mechanics, foundation formula and homestead exemption
Summary
Joint Fiscal Office staff summarized major fiscal elements of Act 73 — a base foundation formula indexed to inflation with category weights, supplemental district spending (SDS) mechanics, property classification changes and a homestead exemption phased and indexed — and warned many pieces are contingently effective pending follow‑up reports.
The Joint Fiscal Office briefed the Senate Finance Committee on the fiscal mechanics of Act 73 on Thursday, emphasizing that many elements are contingently effective and depend on follow‑up work.
"The established foundation formula in Act 73 set a base of 15,033 per student," a JFO presenter said, and explained the formula applies weights for pre‑K, tiered English learners, special education categories and economically disadvantaged students. The presenter said the base is adjusted annually for inflation and that, if contingencies are met, the new foundation formula would replace the state’s existing education funding structure.
The JFO described supplemental district spending (SDS) as a voter‑approved option allowing districts to spend above the foundation…
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