Local revenue for schools (from property, utility, and occupational taxes) will also suffer during the recession. KSBA reports on word from district leaders and state experts here. At least tentatively, it seems that Kentucky, by not having as big a real estate boom in years past, may have a smaller real estate bust now.
State funding will be the major issue as the legislature goes to work in Frankfort. Yesterday, it was good news that key legislators are now saying openly that revenue is likely to be an essential part of the solution here.
The federal stimulus bill includes important investments in education, which could be at least a temporary relief from state and local losses. In the House version of the bill, $1.1 billion might come to Kentucky P-12 and postsecondary starting July 1. Part would be targeted at construction, Title 1, IDEA, while another major portion would come directly to replace lost revenue from the recession. Another $800 million would come the next year. Some detail on the state totals from the House bill are here, but do remember that the bill has gone to the Senate and changes are likely before anything becomes law.
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