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2-19-09 Federal stimulus - information re: Education funding in 'State Fiscal Stabilization' part of the package
GOVERNOR CORZINE WILL HAVE DISCRETION IN HOW SOME OF THE FUNDS WILL BE DISTRIBUTED: The Federal stimulus plan includes a State Fiscal Stabilization Fund. Below are the specific numbers that are part of the ‘Fund’. The $39.5 billion and the $8.8 billion pots of money allow those funds to be used for facilities. However, there is not a specific amount set aside for only that purpose, as was included in the original House and Senate bills. So, much of this will be left up to the Governor and his designees to decide how the funds they receive at the State level will be used. State Fiscal Stabilization Fund is $53.6 billion, and includes the following for education: • $39.5 billion to local school districts using existing funding formulas, which can be used for preventing cutbacks, preventing layoffs, school modernization, or other purposes. • $5 billion to states as bonus grants for meeting key performance measures in education. • $8.8 billion to states for high priority needs such as public safety and other critical services, which may include education and for modernization, renovation and repairs of public school facilities and institutions of higher education facilities.
GOVERNOR CORZINE WILL HAVE DISCRETION IN HOW SOME OF THE FUNDS WILL BE DISTRIBUTED: The Federal stimulus plan includes a State Fiscal Stabilization Fund. Below are the specific numbers that are part of the ‘Fund’. The $39.5 billion and the $8.8 billion pots of money allow those funds to be used for facilities. However, there is not a specific amount set aside for only that purpose, as was included in the original House and Senate bills. So, much of this will be left up to the Governor and his designees to decide how the funds they receive at the State level will be used. State Fiscal Stabilization Fund is $53.6 billion, and includes the following for education: • $39.5 billion to local school districts using existing funding formulas, which can be used for preventing cutbacks, preventing layoffs, school modernization, or other purposes. • $5 billion to states as bonus grants for meeting key performance measures in education. • $8.8 billion to states for high priority needs such as public safety and other critical services, which may include education and for modernization, renovation and repairs of public school facilities and institutions of higher education facilities.
