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JFO: Vermont's Education Fund structure means district construction can raise statewide property taxes
Summary
Joint Fiscal Office told the House Education Committee that Vermont's statewide Education Fund aggregates local education spending, so large district construction projects increase statewide property-tax yields; JFO offered examples and warned dedicated revenue sources carry trade-offs.
A Joint Fiscal Office briefing for the House Education Committee explained how Vermont's Education Fund formulas mean school construction choices by one district can affect property-tax rates statewide.
The JFO presenter told the committee the Education Fund is unique: there is no separate state share and local share. "All of the education expenditures are paid for out of the fund even though they are crafted at the local level," the presenter said. Because the fund aggregates district spending, an increase in education spending anywhere raises the total education payment and, unless offset by new non-property revenue, requires higher statewide property-tax yields to cover the…
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