HARRISBURG — Gov. Tom Wolf’s office said Friday that he will allow a bill affecting the distribution of K-12 education funds to become law without his signature.

The so-called fiscal code legislation provides for an increase in the main K-12 education line to be distributed according to a formula developed by a bipartisan commission. Mr. Wolf had said he wanted to distribute the money differently in order to restore previous cuts to education funding.

The legislation also provides for the state to borrow $2.5 billion to reimburse school districts for construction projects.

The Pennsylvania School Boards Association praised the announcement.

“This legislation implements a fair, reliable school funding formula that would provide financial predictability to school districts across the state as recommended by the extensive research of the Basic Education Funding Commission in 2014-15,” said executive director Nathan Mains.

Representatives of the House and Senate Republican majority leaders said the enactment of the legislation will bring the 2015-16 budget to a close.

The bill passed the Senate, 37-11, and the House, 149-45, wider margins than the two-thirds that would be needed to override a veto.

In his statement, Mr. Wolf said he is eager to work with Republican and Democratic leaders on the 2016-2017 state budget due June 30.

Karen Langley: klangley@post-gazette.com or 717-787-2141 or on Twitter @karen_langley

First Published: April 23, 2016, 4:00 a.m.