RI School Committees’ Duffy on Challenges Facing Level-Funded Education in Raimondo FY19 Budget
Saturday, January 20, 2018
Tim Duffy with the Rhode Island Association of School Committees joined GoLocal News Editor Kate Nagle to talk about Governor Gina Raimondo's "level funded" FY19 budget proposal.
"The Governor is proposing an additional 13.6 million in General Operations Aid for 36 LEAs, 22 Charter Schools, Davies Career Voc Tech and the Urban Collaborative, the Met School was level funded. FY 2018’s appropriation for Operations Aid was $45.4 million," Duffy said following the release of the budget.
"Earlier this year the State Retirement board lowered the assumed rate of return for Teacher and State Employee retirement by .5% resulting in an increase to the unfunded liability of just under $700 million," said Duffy. "Since LEAs are obligated to assume 60% of the employers’ share of teacher retirement, we will be witnessing an increased cost of approximately $7.7 million. The State pays 40% of the employers’ share equal to $5.1 million."
"Given our pension obligations, this is essentially a level-funded budget," said Duffy.
Related Slideshow: 5 Danger Areas for Raimondo’s Budget - January, 2018
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