Gov. Jerry Brown is predicting that the state will take in $2.4 billion more in revenue in 2014-15 than initially estimated, but highly expectant education leaders won’t get a piece of it to implement the Common Core state standards or make a down payment for universal preschool. They can count on the double-digit spending increase that the governor proposed in January – but not much more.
Instead, consistent with his philosophy of fiscal restraint and a commitment to pay down long-term debts, Brown is proposing in the revised May budget to make a down payment on the $74 billion shortfall in the pension program for teachers and administrators, the California State Teachers Retirement System, or CalSTRS. His proposed 30-year payment plan, subject to negotiation with the Legislature, would cost an additional $5 billion per year by the time it’s fully phased in over seven years. The bulk of it – $3.7 billion annually – would be the burden of school districts, potentially eating away between one-seventh or more of the increased funding they had expected under the Local Control Funding Formula (see Department of Finance summary of budget revision, starting on page 66).
In a press conference Tuesday, Brown made clear the state cannot duck this responsibility. In revised budget, Gov. Brown details costly 30-year plan to fix teacher pensions | EdSource Today:
Gov. Brown proposes change in tallying of low-income students for funding formula - by Jane Meredith Adams
In his May budget revision, Gov. Jerry Brown on Tuesday proposed a change that will allow school districts to more broadly define who is eligible for a free or reduced-price meal and, by association, who ... [[ This is a content summary only. Visit the Edsource Today website for full links, other content, and more! ]]