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Staff pitches redirecting permanent-fund interest above cap to BEST program
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Summary
Staff proposed an amendment to the School Finance Act that would direct interest above the permanent-fund cap (cited as $41 million) to the BEST capital program rather than returning it to the permanent fund; staff said the permanent fund principal is about $1.6 billion and last year provided roughly $7.5 million above the cap.
Amanda Bickel told the committee she provided a potential amendment to the School Finance Act to direct any interest above the statutory permanent-fund cap (discussed in the meeting as $41,000,000) to the BEST (Building Excellent Schools Today) program instead of reverting that excess to the permanent fund.
Bickel explained the permanent fund traces to land granted at statehood and is managed for education; she cited a principal of about $1,600,000,000 and said last year produced roughly $7.5 million above the cap. The proposed change would exempt that above-cap interest from the $150,000,000 cap in school finance and redirect it to BEST.
Committee members responded positively to considering the amendment as part of the School Finance Act and discussed whether it should be placed as an amendment to the existing bill or carried separately if timing does not allow. No formal amendment vote occurred at the meeting; members asked staff to pursue inclusion if feasible.
