18
As part of the formula to calculate basic funding in TEEOSA, a school takes all of its expenses and then subtracts 18 categories of special allowances. These are items like transportation costs and educating students learning English as a second language. Sound confusing? As the Legislature considers significant changes in education funding, Nebraska Public Media reporter Elizabeth Rembert sought to explain how the state currently funds its public schools with help from OpenSky Policy Institute.
Listen to the Nebraska Public Media report
Read OpenSky’s overview of education funding
$575 million
Debate on the state’s $10.7 billion two-year budget proposal this week focused in part on plans to transfer $575 million from the Cash Reserve Fund in the next fiscal year for construction of a canal that would start in Colorado and bring water into southwest Nebraska. Next year’s investment in the canal represents 11% of all General Fund allocations projected in FY 23-24.
Read Nebraska Examiner story on proposed appropriation for canal
Watch OpenSky’s webinar on the proposed budget
$33,420
If provisions of the federal Tax Cuts and Jobs Act of 2017 are made permanent, benefits would flow overwhelmingly to the wealthiest Americans. In Nebraska, the average tax cut for the top 1% of earners – $33,420 in 2026 – would be nearly 30 times that of the middle 20% of earners.
Read the Institute on Taxation and Economic Policy report
Last week
On Saturday, OpenSky Executive Director Dr. Rebecca Firestone shared information on LB 753 with supporters of public schools in Nebraska gathered outside the Capitol. The bill that would provide tax credits for individuals and entities that donate to private school scholarship funds would reduce state funding to public schools if a significant number of students were to transfer from the state’s largest districts. The Legislature is expected to vote on LB 753 later this month.
Read more on Saturday’s rally from the Lincoln Journal Star
Watch OpenSky’s webinar on school privatization measures in other states
Next week
Monday will mark Day 74 of the Legislature’s 90-day session. In the remaining time, senators must pass a balanced budget and are expected to weigh other fiscal considerations, including proposed income tax cuts and extended property tax credits as well as significant changes in how the state funds K-12 public schools.