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Governor Signs Bill to Increase Foundation Formula
for K-12 Education Funding


June 16, 2004

Soldotna - At a noon luncheon with the Soldotna Chamber of Commerce, Governor Frank H. Murkowski on Monday signed into law HB 233, a bill that increases the foundation formula for funding K-12 education support by $407 per student.

"During the legislative session, we heard loud and clear from school districts around the state that they could no longer cut programs without impacting the quality of education our children receive," Murkowski said. "Every district has had to deal with the unpleasant reality of being hit hard by budget reductions. I want to commend the school districts for the way their leadership has managed a challenging fiscal situation while still providing an excellent education for Alaska's students. "

HB 233, sponsored by Wrangell Rep. Peggy Wilson, increases the base student allocation used in the foundation formula by $407 per student. The measure will result in an additional $82 million dollars of state funds for school districts across the state, and will allow municipalities to raise their local contributions by millions more.

"We know that because of increased costs, including Teachers Retirement System increases, increases in labor contract costs, and rising insurance costs, local districts face tight financial times, even with this increase," Murkowski said. "To ensure that the state can maintain the current level of education funding, and respond to future education funding needs, we must address our structural fiscal gap. It is the right thing to do to ensure that our education system has the resources to prepare our children for tomorrow's jobs."


Source of News Release:

Office of the Governor
Web Site


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