(1) From the state school aid fund money appropriated in section 11, there is allocated $63,800,000.00 for 2023-2024 only to districts in an equal amount per pupil. It is the intent of the legislature that districts will use the funds to increase educator compensation.

    (2) In addition to the funds allocated in subsection (1), an amount not to exceed $4,000,000.00 for 2023-2024 only from the state school aid fund money appropriated in section 11 is allocated to public school academies in an equal amount per pupil. It is the intent of the legislature that public school academies will use the funds received under this subsection to increase educator compensation.