Friday, May 12, 2006

School to Benefit from New School Funding Formula
Portland Legislative Delegation describes change in school funding formula - allowing pay down of East End School debt service.

The Portland legislative delegation announced on May 9th that the state will pay $363,261 this year on interest and principal for the construction of the East End School. The $360 thousand in funds is the first installment over a 20 year period by the state to help Portland residents pay down more than $9 million dollars in debt service for the new construction costs of the East End/Jack Elementary School.

The financial support by the state is the direct result of the new Essential Programs and Services (EPS) school funding formula. Under the old formula, Portland would have received no state support for the East End project, and Portland tax payers would have paid most of the construction costs for the East End School.

The new EPS formula was passed by the legislature this past legislative session as part of the education and tax reform bill LD 1. In addition to the East End School, the Nathan Clifford School will also benefit from the change.

“This is the first time in recent history that Portland will get money for new school construction,” said Senate Majority Leader Michael Brennan (D-Portland).


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