Public Education Economic Stabilization Restricted Account.
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(1) There is created within the Uniform School Fund a restricted account known as the "Public Education Economic Stabilization Restricted Account."
(2)
(a) Except as provided in Subsection (2)(b), the account shall be funded from the following revenue sources:
(i) 15% of the difference between, as determined by the Office of the Legislative Fiscal Analyst:
(A) the estimated amount of ongoing Education Fund and Uniform School Fund revenue available for the Legislature to appropriate for the next fiscal year; and
(B) the amount of ongoing appropriations from the Education Fund and Uniform School Fund in the current fiscal year; and
(ii) other appropriations as the Legislature may designate.
(b) If the appropriation described in Subsection (2)(a) would cause the ongoing appropriations to the account to exceed 11% of Uniform School Fund appropriations described in Section 53F-9-201.1 for the same fiscal year, the Legislature shall appropriate only those funds necessary to ensure that the ongoing appropriations to the account equal 11% of Uniform School Fund appropriations for that fiscal year.
(3) Subject to the availability of ongoing appropriations to the account, in accordance with Utah Constitution, Article X, Section 5, Subsection (4), the ongoing appropriation to the account shall be used to fund:
(a) except for a year described in Subsection (3)(b), one-time appropriations to the public education system; and
(b) the Minimum School Program for a year in which Education Fund revenue and Uniform School Fund revenue are insufficient to fund:
(i) ongoing appropriations to the public education system; and
(ii) enrollment growth and inflation estimates, as defined in Section 53F-9-201.1.
(4)
(a) The account shall earn interest.
(b) All interest earned on account money shall be deposited in the account.
(5) On or before December 31, 2023, and every three years thereafter, the Office of the Legislative Fiscal Analyst shall:
(a) review the percentages described in Subsections (2)(a)(i) and (2)(b); and
(b) recommend to the Executive Appropriations Subcommittee any changes based on the review described in Subsection (5)(a).