Modifies elements of the 2017 Substitute Senate Bill 5607. Reduces the basic per pupil guarantee from $10,000 to $9,200 in school year 2018-19. In future school years, the basic per pupil guarantee remains at the level otherwise provided under the bill. Lowers the maximum local effort levy rate from $1.80 to $1.55. Specifies that local taxing districts are guaranteed full reimbursement for any negative fiscal impacts to their levy authority due to the local effort levy. Modifies the $12,500 minimum total per pupil funding threshold calculation by (1) excluding local revenues, except for local school levies in school year 2018-19 only, (2) fixing the amount of federal revenues to federal revenues received in the 2017-18 school year, and (3) defining state revenues. Disallows a reduction in the per pupil amounts when there is negative inflation.