The Governor’s E-12 budget has been reviewed in the House and Senate. Testimony has been delivered by many organizations including MREA. Most of the organizational testimony was at the 10,000 foot level giving kudos to the Governor’s plan, but requesting additional funds to help with the first fiscal year’s low increase of 1%.
MREA offered this funding fact sheet to the Senate E-12 committee this week and called on the legislature to increase the E-12 budget target to at least $500 million for K-12. This is almost double the Governor’s $300 million in revenue for K-12, but would be enough to cover the cost of CPI inflation in both years of the next biennium.
Legislation (HF 416) to add an Implicit Price Deflator inflationary factor into the basic allowance will be reviewed this coming week in the House Education Finance committee. The February budget forecast will be released on Thursday and we’ll have a better sense of what kind of education budget target is realistic and if an inflationary factor in the formula is feasible.