Revises provisions relating to the Education Stabilization Account. (BDR 34-461)

Existing law creates the Education Stabilization Account in the State Education Fund and authorizes money in the Account to be transferred to the State Education Fund under certain circumstances that create a shortfall of revenue in the State Education Fund. Under existing law, certain amounts are required to be transferred to the Account, but the balance in the Account is prohibited from exceeding 20 percent of the total of all appropriations and authorizations from the State Education Fund, excluding the Account, for the immediately preceding fiscal year. Existing law requires any money transferred to the Account which exceeds this amount to instead be transferred to the State Education Fund. (NRS 387.1213) This bill requires that any money transferred to the Account which exceeds this amount instead be transferred to the Department of Education for allocation to each school district in this State in an amount that is proportional to the number of pupils enrolled in the school district, as compared to the total number of pupils enrolled in a school district in this State. This bill requires: (1) the board of trustees of each school district to submit to the Department a plan for the expenditure of such money; and (2) such money to be used for the retention, recruitment, training and professional development of teachers and other educational personnel. Finally, this bill requires the superintendent of each school district to submit a report to the Department, on or before November 1 of each fiscal year following a fiscal year in which the school district receives such money, regarding the use of such money in the immediately preceding fiscal year and the success of efforts to retain, recruit, train and provide professional development to teachers and other educational personnel.