Good News for Schools: Year-to-Date Revenues are Up $136 Million Above Estimates
Our public schools are receiving more good news in the form of the latest announcement from State Controller John Chiang that state revenues are coming in even higher than expected. The increase reflects voter approval of CTA-backed Proposition 30 and a rebounding economy.
In fact, Controller Chiang reported Monday that this year’s state revenues are running $136 million* above earlier estimates. That’s good news for students and schools because California’s funding for schools, as determined by Proposition 98, generally increases as state revenues go up.
While state appropriations for our schools still fall far below where they should be for full funding and California still hovers around 49th nationally in per-pupil funding, public schools are already seeing more than $2.1 billion in new funding as part of Gov. Jerry Brown’s implementation of the Local Control Funding Formula.
The head of the California Assembly, Speaker John Perez (D-Los Angeles) greeted the controller’s announcement by saying, “…. this shows the California budget remains very strong. What we’ve accomplished shows what’s possible when you get past the kind of gridlock, hostage taking, and brinksmanship that is paralyzing progress in Washington, D.C., and when elected officials and the public show the willingness to support a balanced approach of tough cuts and new revenues to get things back on track.”
The Controller’s office issues a monthly "cash report" that tracks state inflows. CTA fiscal experts follow the numbers very closely because of their potential impact on schools.
*This number may fluctuate based on revenues in the third quarter of 2013.