A summary of school finance portion of the budget approved by the legislature's joint finance committee can be found here. In a nutshell the budget reduce state aid to school districts by 3.1% and reduces the annual increase in the revenue cap to $200 per student (down from $275) for the next two years.
We don't know the precise impact on the district yet (check back here next week), but it will probably result in at least several hundred thousand dollars in reduced revenue. With the contract dates past we will have limited options for reducing spending to compensate.
The budget bill also includes a provision to eliminate the QEO (qualified economic offer) law next summer. The QEO allows schools to impose a teacher's contract if it provides a minimum 3.8% total economic package increase. I'm not a big fan of the QEO law, but it is an integral part of the system by which we fund education in this state. Repealing the QEO in the absence of systematic school finance reform will create significant problems for school districts.