Texas Schools Facing a Hole in State, Local Funding

Albanese, Elizabeth
April 2003
Bond Buyer;4/1/2003, Vol. 344 Issue 31605, p48
Trade Publication
Texas public schools are struggling to figure out how they will bridge funding gaps caused by a legislative plan to eliminate $2.6 billion of state education funding. However, Standard & Poor's Corp. pointed out that the school finance system would create pressures that might lower the underlying ratings of some districts. Facing a $8.1 billion revenue shortfall for the upcoming 2004-05 biennium, governor Rick Perry told the state agency officials to identify budget cuts worth 12.5%. Standard & Poor's also pointed out that the current school finance formula is facing legal challenges, including a case brought by four districts that allege the $1.50 per $100 tax cap constitutes an illegal state property tax because it limits local taxing discretion.


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