TX: Permanent School Fund decision before SBOE this week
Over the next two days, the State Board of Education faces a full agenda, including a decision that will affect how much money local schools receive from the board-managed $22 billion Permanent School Fund.
If members vote to reserve a higher percentage of PSF funds to school districts, they alleviate the tax burden to the public and on the state, which is facing an estimated $18 billion shortfall. The fund goes toward supplying the state’s students with materials such as much-needed textbooks and maintains school district’s bond guarantees.
The board is considering giving 3-3.5 percent of the fund toward schools, up from the initially proposed 1.5-3.5 percent. In a presentation to the board’s finance committee today, the PSF reportedly increased by13 percent since July of last year and is said to be “recovering.”
Additionally, the board owes schools an estimated $1.1 billion in catch up payments that were not paid out due to low funds. If two-thirds of the board members choose not to take action on these items, then it remains up to the state Legislature.
(Photo: Flickr Creative Commons/dave_mcmt)