A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by adding Section 16 to Article XIIIB thereof, and by amending Section 8 of, and adding Section 8.7 to, Article XVI thereof, relating to education finance.

Summary

The measure amends the California Constitution to establish an Equalization Reserve Account that holds money transferred from the General Fund when the required minimum school funding rises. It directs that most of the interest earned on that reserve be used to boost per‑pupil aid for districts that receive state funding under the Local Control Funding Formula. The amendment also revises the formula for the state’s minimum school‑funding obligation and excludes the reserve transfers from budget‑limit calculations.

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