New Iowa Law Increases Student Funds

Iowa Governor Kim Reynolds signed into law the school funding bill, Senate File 167, on May 19^th, which will bring a 2% increase for K-12 public schools.  The law operates by increasing the state’s per-student spending by $162 for the upcoming school year. Though 2% may not seem significant, in total this amounts to an increase of about $105 million in general spending for public schools and an additional $21.9 million in other state funding. The law also includes additional funding for charter schools, transportation equity, and operational sharing.

It is also anticipated that spending on education savings accounts (ESAs) will increase in the coming year by $96.8 million. Through these taxpayer-supported ESAs, Iowa students, regardless of their family income, will be eligible for an account worth $7,988, which can be used to cover the costs of private school tuition and fees. 

In total, state spending on public schools will total about $3.9 billion under this law; including the funding for ESAs this total is brought up to about $4.2 billion. 

The increase amounts to about $105 million in new state general fund spending for public schools, plus $21.9 million in other state funding.

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