Four months of a budget, but what is the Chapter 70?

This afternoon, the House and Senate both passed a four month budget, the single page document of which is here. It does not contain allocations, but does say this:

SECTION 2. Notwithstanding any general or special law to the contrary, items funded through this act shall be funded in a manner assuming not less than the lower of the general appropriations act for fiscal year 2020 or the operating budget submitted by the governor for fiscal year 2021 pursuant to section 7H of chapter 29 of the General Laws.

I am not clear on what "assuming not less than the lower" of level funding from last year OR the House 2 budget from January means!

We are given a bit more via Senator Adams Hinds on Twitter, the following, which I am quoting from State House News for reasons that will become apparent:

Hinds: Budget Level Funds Local Aid, Chapter 70
As lawmakers rush a $16.5 billion three-month budget to Gov. Charlie Baker's desk, the Senate Revenue Committee chairman indicated Tuesday that the bill level funds local aid to cities and towns.
In a tweet posted Tuesday afternoon and then later deleted, Sen. Adam Hinds also said the budget bill level funds Chapter 70 education funds to school districts, plus $107 million for inflation.
As the state delays its annual budget deliberations, cities and towns have been awaiting word on local aid levels, which pair with local property taxes to form the basis of revenues for local school, public safety and other municipal services.
Beacon Hill leaders have been gearing up for an announcement about local aid levels for fiscal 2021. - Michael P. Norton/SHNS | 7/28/20 3:01 PM

UPDATE: And THEN State House News Service added this from Senator Hinds:"I defer to the chairs of Ways and Means. The reality is, the details haven't been finalized."

 So, what would $107M mean? The inflation rate for this year is 1.99%, with 2.34% for health insurance. That isn't...far off what $5.1B would be over last year. So that would be JUST inflation, but the SOA inflation.

And it would be that for the full year, not the one third of the year.

Over the full year, it would also be $14M less than what the Worcester School Committee passed in June.