State Capitol, March 27, 2019 – According to Ralph Martire, Executive Director of the Center for Tax and Budget Accountability, the new school funding formula – that was supposed to be fully funded within 10 years, won’t be adequately funded for 50 years, at the current funding trend.
Rep Will Davis (D), who was one of the architects of the new school funding formula which was passed in 2018, said it is a classic case of government stuck between competing priorities.
Martire says the problem is also due to the slow rate of revenue growth. He strongly advised the need for new state revenues and said the Governor’s push to pass a graduated income tax, that would tax higher income earners at a higher rate of taxation than lower-income earners, is one way to catch up on funding more to schools.
Under the new school funding formula, schools in poorer areas of the state, and in agricultural parts of the state, where there is little commercial property to tax, will get more money than they did previously.
Martire say, now 89% of the new resources are going to those schools that were previously the most under-funded.
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