|HB1651 Unified Innovation Fund; created. (Krupicka)|
Summary as Introduced:
|Unified Innovation Fund established. Consolidates funding for virtual school programs, charter schools, college partnership laboratory schools, and other innovative education projects by repealing the Public Charter School Fund and the College Partnership Laboratory School Fund and creating the Unified Innovation Fund to be disbursed by the Board of Education for the award of grants to individuals and entities on a competitive basis to fund education innovation projects.|
|Bill Status 1:||Bill Status 2:||Next Meeting: (date and time)|
|Committee/Subcommitte: ---HED Teachers and Admin. Action|
|Full Text of Bill:|
Be it enacted by the General Assembly of Virginia:
1. That § 23-299.9 of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding in Article 1 of Chapter 13 of Title 22.1 a section numbered 22.1-212.2:4 and by adding a section numbered 22.1-212.5:2 as follows:
§ 22.1-212.2:4. Unified Innovation Fund established.
A. There is hereby created in the state treasury a special nonreverting fund to be known as the Unified Innovation Fund, hereafter referred to as "the Fund." The Fund shall be established on the books of the Comptroller. All funds as may be appropriated for this purpose and any gifts, donations, grants, bequests, and other funds as may be received on its behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Superintendent of Public Instruction.
B. Moneys in the Fund shall be disbursed solely for the purposes of awarding grants on a competitive basis to any local school division, institution of higher education, or other individual or entity to fund education innovation projects, including (i) charter schools pursuant to Article 1.2 (§ 22.1-212.5 et seq.) of Chapter 13, (ii) virtual school programs pursuant to Article 1.4 (§ 22.1-212.23 et seq.) of Chapter 13, (iii) college partnership laboratory schools pursuant to Chapter 26 (§ 23-299 et seq.) of Title 23, (iv) plans to lengthen the school day or the school year, (v) new or enhanced information systems to support individualized instruction, (vi) new or enhanced pre-kindergarten programs, (vii) new or enhanced programs in science, technology, engineering, and mathematics (STEM), (viii) new or enhanced Academic Year Governor's Schools, and (ix) any other innovative education projects that are focused on improving student achievement.
C. The Board of Education shall establish criteria for making distributions from the Fund and may issue guidelines governing the Fund as it deems necessary and appropriate. The criteria and guidelines shall include a requirement that any entity or individual applying for funds pursuant to this section shall include, in its proposal, (i) a commitment to raising the achievement of all students and (ii) a commitment to establishing an accountability system designed to monitor and report to the Board on such increases in student achievement.
§ 22.1-212.5:2. Funding of public charter schools.
Each public charter school shall be eligible to apply for and receive available funds from the Unified Innovation Fund pursuant to § 22.1-212.2:4.
§ 23-299.9. Funding of college partnership laboratory schools.
3. That the State Treasurer shall transfer all moneys remaining in the Public Charter School Fund and the College Partnership Laboratory School Fund as of June 30, 2013, to the Unified Innovation Fund pursuant to § 22.1-212.2:4 created by this act.