Dayton and GOP final proposals
- July 1, 2011 - 10:31 PM
FROM GOP TO DAYTON, 3 P.M.
• Increase the shift of money from K-12 schools to other state spending by another $700 million. The two sides had previously agreed to delay repaying schools the $1.4 billion already owed them.
• Increase per-student aid formula by $128 million to cover additional borrowing school districts would need to make because of payment delay.
• Issue bonds against future tobacco settlement revenue to cover remaining budget gap.
• Add $10 million to University of Minnesota to equalize its budget reduction with MnSCU.
• Restore funding to Department of Human Rights and Trade Office.
• A Thursday special legislative session would pass a "lights on" extension of current funding for state government through July 11. All budget bills would be passed that same day.
FROM DAYTON TO GOP, 4:06 P.M.
• Agreed to $700 million K-12 school aid payment shift.
• Rejected plan to issue tobacco bonds. Proposed instead a 3 percent income tax increase on 7,700 filers with incomes over $1 million, which would generate $746 million.
• Or a 1.5 percent income tax increase on incomes over $1 million, $303 million in corporate tax reforms, $13 million in nonresident estate taxes and $32 million in sales tax reforms.
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