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Legislative analysts report Public Education Stabilization Fund at $250.8 million, cap now 15%
Summary
Legislative Services Office analysts told the Joint Finance Appropriations Committee that Idaho’s Public Education Stabilization Fund (PSIF) held $250.8 million as of July 1, 2024, leaving roughly $189.6 million of capacity before reaching a 15% cap established by recent legislation; the governor has recommended a $50 million transfer in 2026.
Jared Tedrow, deputy division manager in the Legislative Services Office’s Budget Policy Analysis Division, told the Joint Finance Appropriations Committee that the Public Education Stabilization Fund — PSIF — acts “as a safety net for the public school support program appropriations.”
Tedrow said the PSIF cap was historically 8.334% of state funds appropriated to public schools but was increased to 15% by recent legislation. He said Idaho code requires JFAC to review the fund and consider transfers when withdrawals have occurred.
The analyst presented a 10-year fund history and figures showing deposits and withdrawals tied to changing appropriations and support-unit counts. Tedrow said the fund’s cash balance on July 1, 2024, was $250,880,000. Using the state fund base cited in the presentation, he said 15% of that base would be $440,390,000, leaving roughly $189,600,000 of room before PSIF would hit the cap.
Tedrow also noted the fund “is generating about $8.9 million each month in interest,” and that the governor had recommended a $50,000,000 transfer into the fund effective July 1, 2026. He said, based on current appropriation and support-unit projections, “an additional $35 to $40,000,000” could be deposited at the end of the fiscal year if no further action is taken.
Tedrow referenced statutory materials in the handout for allowable sources and uses; he cited Idaho code language in the presentation as the statutory basis for the committee’s review.
The presentation did not include a committee vote; it was placed in the record for JFAC’s statutorily required review and for future budget decisions.
