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Texas needs a new roadmap for funding our public schools. During the 90th legislative session, lawmakers have the opportunity to enact legislation focused on leaving a lasting legacy for all Texas public school students.
Texas public schools are still in a funding crisis, even after the 89th Legislature’s much-publicized $8.5 billion infusion of education dollars. School officials and education advocates warned from the start that the new dollars were a long way from catching districts up with current inflation, and would not solve the multimillion-dollar budget deficits and school closures looming over many Texas communities. Their warning has proved correct. Districts across Texas continue to grapple with severe budget shortfalls, program cuts, and staffing crises despite the recent funding boost.
This reality underscores why Texas must act now and think beyond the next two-year budget cycle. To truly stabilize public education, the state needs a sustainable and long-term funding strategy instead of temporary fixes. Now is the time to explore ideas such as a new type of public education endowment in addition to the existing Permanent School Fund (PSF). Like local school property taxes, the PSF funds the existing school funding formulas set by the state legislature. Also, like school property tax collections, the PSF does not increase the amount of funding going to public schools – it’s just a method of finance. The Legacy Education Fund could provide additional funding to schools over and above what current formulas provide.
The Legacy Education Fund would be a new type of endowment that would add additional funding to our public schools. It would provide a permanent, stable funding source that secures the future of our public schools. The endowment fund’s investment returns could become supplemental dollars that could be added to our existing student funding formulas.
