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Legislative counsel outlines education finance draft: foundation formula, educational opportunity payment, excess‑spending reserve
Summary
Legislative Council presented draft language to create a foundation formula-based education finance system with a cost‑factor base, an educational opportunity payment (EOP), routine weight reviews, an excess‑spending construct with a capped local add‑on and a reserve for penalty funds to protect against calculation errors.
Legislative Council returned to Ways & Means March 25 with draft language to move Vermont’s school finance toward a foundation formula. Counsel said the draft is intended to be a minimal, technical framework that will accommodate further policy choices by the Education Committee.
The nut graf: The draft replaces the current ‘‘education spending’’ bucket with an educational opportunity payment (EOP) computed by a base amount (per‑pupil cost factor) multiplied by a district’s weighted long‑term membership. The bill also establishes a capped ‘‘excess spending’’ mechanism for local spending above the EOP, a reserve to hold any penalty revenue, and a school construction aid special fund to receive remaining reserve balances.
What counsel outlined: John Gray (Office of Legislative Council) said the proposal separates the statewide funding calculation (the EOP) from local decisions about spending above that foundation. “The secretary of education shall determine each school district’s EOP by multiplying…
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