The nonpartisan Legislative Fiscal Bureau (LFB) has released its annual memorandum providing information on the estimated percentage level of state support for K-12 education statewide and for individual school districts in the 2015-16 school year.
The memo estimates the state share of K-12 education in 2017-18 was 64.90 percent of partial school revenues, the same method used to calculate state support when the statutes mandated that state provide two-thirds of school costs. That two-thirds funding mandate was in effect from 1996-97 school year through the 2002-03 school year.
In addition, the LFB released a memo indicating the estimated school levy tax credit payments for each school district for 2018-19, based on the equalized value of the portions of the underlying municipalities located within a district’s boundaries.
A total of $940 million of school levy tax credits will be distributed in 2018-19. The credits are distributed based on each municipality’s share of statewide levies for school purposes during the preceding three years. Each individual taxpayer in a municipality shares in the tax credits paid to the municipality based on their share in the municipality’s total assessed value.