State Budget News
This past weekend final budget bills were passed by the legislature. The following are some of the key components of the education-related items:
State Aid Runs:
The above link provides the final state aid allocations to districts. The final education budget provides a $1.3 billion increase over the 2023-2024 budget, which results in $35.3 billion in school aid.
In regard to foundation aid, the final budget did not eliminate save harmless, thereby ensuring that all districts receive, at minimum, the amount as their 2023-2024 foundation aid allocation.
However, the final budget did adjust current law by using an inflation rate of 2.8 percent, which is below the 4.1 percent that would have been realized by using the formula in current law. The final foundation aid allocation is $236 million less than what the current statutory formula would have provided. Expense-based aids were fully funded.