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Lawmakers, analysts press for adjustments to Student Centered Funding Formula as districts face hold‑harmless floor and cost pressures
Summary
System officials told the subcommittee the Student Centered Funding Formula may be ~ $150 million short for 2024–25 and highlighted policy changes and COLA requests; the LAO and stakeholders urged careful review of metrics and the fiscal trade‑offs of hold‑harmless districts.
System finance officials and analysts debated how the Student Centered Funding Formula (SCFF) should be funded and adjusted as the Legislature prepares budget decisions.
"We are recognizing that there's about a 1.5 to 2% deficit as it relates to the student centered funding formula," said Chris Ferguson, Executive Vice Chancellor for Finance and Strategic Initiatives. Ferguson told the subcommittee his office values that deficit at approximately $150,000,000 for the 2024–25 fiscal year and said it would likely carry into 2025–26.
Department of Finance and Legislative Analyst's Office representatives discussed the governor's proposed 2.43% cost‑of‑living adjustment for the SCFF and categorical programs. Justin Hurst of the Department of Finance noted the governor's budget includes $230,400,000 for a 2.43% COLA for SCFF…
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