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Senate Finance committee to review education funding, property-tax options after $70 million one-time buydown
Summary
Sen. Ann Cummings said the Senate Finance Committee will dig into education funding — including the foundation formula and income-based proposals — and examine whether unanticipated revenue reduces the need to replace a $70 million one-time property-tax buydown used last year.
Sen. Ann Cummings, chair of the Senate Finance Committee, said the panel will hold a series of briefings and hearings to review how Vermont pays for education and whether unexpected revenue reduces the need to replace a $70 million one-time property-tax buydown used last year.
"We use $70,000,000 in one time dollars to buy down the property tax rate from 18 to 13 last year," Cummings said. "It is my understanding that unanticipated revenue has come in, so we may not have to start filling in $70,000,000 hole, which would be nice, but we need to verify that."
The committee plans an initial set of presentations next week, including an overview of state and regional education trends — enrollment, expenditures, staffing and special education — and a deeper dive into the pros and cons…
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