In our ongoing effort to provide CA budget updates, here is the most relevant information for charter schools in California.
On Wednesday last week, the Budget Conference Committee met and heard all open items and items that had not been previously discussed during the budget hearings. They are attempting to ‘close’ out the budget and forward it to both houses of the legislature for a final vote before the June 15th deadline. If the budget is not passed by the legislature by June 15th legislators will cease to receive their paychecks. The Conference Committee adopted several pieces of compromise language to the Proposition 98 package. Here are the highlights from the education package that was adopted:
Assumes the Governor’s revenue projections, which provides an overall Proposition 98 funding level of $60.9 billion for 2014-15.
Reduced deferral payments by $897 million, but included trigger language to make the payment if revenues are sufficient.
Provides $450 million to pay down the K-14 education mandates backlog, with the intent that monies freed up from this payment be dedicated to implementation of the Common Core State Standards. Includes $26.7 million for the K-12 High Speed Network for improving internet connectivity in our K-12 schools.
Provides $250 million in one-time funding for Career Technical Education (CTE) through the Career Pathways Trust competitive grant program.
Approves trailer bill language to direct the State Board to report to the Legislature by February 1, 2015 on the status and implementation of the LCFF
Removes trailer bill language requiring the Department of Education to establish separate resource codes in the California School Accounting Manual (SACS) for local educational agencies to distinguish between LCFF base grants and supplemental and concentration grant funding
Approves trailer bill language to require certain school districts serving as a fiscal agent for another school district to pass through funding for induction and training services for beginning teachers
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Since the company’s inception in 2006, Charter School Capital has been committed to the success of charter schools. We help schools access, leverage, and sustain the resources charter schools need to thrive, allowing them to focus on what matters most – educating students. Our depth of experience working with charter school leaders and our knowledge of how to address charter school financial and operational needs have allowed us to provide over $1.8 billion in support of 600 charter schools that have educated over 1,027,000 students across the country. For more information on how we can support your charter school, contact us. We’d love to work with you!