Creation; Education Fund Advisory Committee [Repealed effective July 1, 2034]

# (a)

Creation. There is created the Education Fund Advisory Committee to monitor Vermont’s education financing system, conduct analyses, and perform the duties under subsection (c) of this section.
[Subsection (a) effective July 1, 2028 if contingency met; see also subsection (a) effective until contingency met, set out above.]

(a) Creation. There is created the Education Fund Advisory Committee to monitor Vermont’s education financing system, conduct analyses, assist with the transformation of Vermont’s education finance system, and perform the duties under subsection (c) of this section.

# (b)

Membership. The Committee shall be composed of the following members:

# (1)

the Commissioner of Taxes or designee;

# (2)

the Secretary of Education or designee;

# (3)

the Chair of the State Board of Education or designee;

# (4)

two members of the public with expertise in education financing, who shall be appointed by the Speaker of the House;

# (5)

two members of the public with expertise in education financing, who shall be appointed by the Committee on Committees;

# (6)

one member of the public with expertise in education financing, who shall be appointed by the Governor;

# (7)

the President of the Vermont Association of School Business Officials or designee;

# (8)

one representative from the Vermont School Boards Association (VSBA) with expertise in education financing, selected by the Executive Director of VSBA;

# (9)

one representative from the Vermont Superintendents Association (VSA) with expertise in education financing, selected by the Executive Director of VSA; and

# (10)

one representative from the Vermont National Education Association (VTNEA) with expertise in education financing, selected by the Executive Director of VTNEA.

# (c)

Powers and duties.
[Subdivision (c)(1) effective until contingency met; see also subdivision (c)(1) effective July 1, 2028 if contingency met, set out below.]

# (1)

Annually, on or before December 15, the Committee shall make recommendations to the General Assembly regarding:

(A) updating the weighting factors using the weighting model and methodology used to arrive at the weights enacted under 2022 Acts and Resolves No. 127, which may include recalibration, recalculation, adding or eliminating weights, or any combination of these actions, as necessary;

(B) changes to, or the addition of new or elimination of existing, categorical aid, as necessary;

(C) changes to income levels eligible for a property tax credit under section 6066 of this title;

(D) means to adjust the revenue sources for the Education Fund;

(E) means to improve equity, transparency, and efficiency in education funding statewide;

(F) the amount of the Education Fund stabilization reserve;

(G) school district use of reserve fund accounts; and

(H) any other topic, factor, or issue the Committee deems relevant to its work and recommendations.
[Subdivision (c)(1) effective July 1, 2028 if contingency met; see also subdivision (c)(1) effective until contingency met, set out above.]

(1) Annually, on or before December 15, the Committee shall make recommendations to the General Assembly regarding:

(A) updating the weighting factors using the weighting model and methodology used to arrive at the weights enacted for the foundation formula, which may include recalibration, recalculation, adding or eliminating weights, or any combination of these actions, as necessary;

(B) changes to, or the addition of new or elimination of existing, categorical aid, as necessary;

(C) changes to income levels eligible for a homestead exemption under section 6066 of this title;

(D) means to adjust the revenue sources for the Education Fund;

(E) means to improve equity, transparency, and efficiency in education funding statewide;

(F) the amount of the Education Fund stabilization reserve;

(G) school district use of reserve fund accounts;

(H) national best practices for addressing intra-school district effects of a foundation formula, including through the use of weighting factors;

(I) how to maintain intra-district equity under Vermont’s foundation formula;

(J) whether weighted foundation formula payments lead to improved outcomes across all populations; and

(K) any other topic, factor, or issue the Committee deems relevant to its work and recommendations.

# (2)

The Committee shall review and recommend updated weights, categorical aid, and changes to the excess spending threshold to the General Assembly not less than every three years, which may include a recommendation not to make changes where appropriate. In reviewing and recommending updated weights, the Committee shall use the weighting model and methodology used to arrive at the weights enacted under 2022 Acts and Resolves
No. 127.

# (d)

Assistance. The Committee shall have the administrative, technical, and legal assistance of the Department of Taxes and the Agency of Education.

# (e)

Meetings.

# (1)

The Commissioner of Taxes shall call the first meeting of the Committee to occur on or before July 15, 2026.

# (2)

The Committee shall select a chair from among its members at the first meeting.

# (3)

A majority of the membership shall constitute a quorum.

# (f)

Compensation and reimbursement. Members of the Committee shall be entitled to per diem compensation and reimbursement of expenses as permitted under section 1010 of this title for up to four meetings per year. (