|Posted:||April 12, 2017 03:42 PM|
|From:||Representative Martina A. White|
|To:||All House members|
|Subject:||Invest In Our Kids' Future Act|
|In the near future I intend to introduce legislation that will establish the “Invest in Our Kids’ Future Act” to provide additional money to help fund and provide quality education to our Commonwealth’s K-12 students while reducing the burden on tax payers.
The “Invest in Our Kids’ Future Act” will establish a dedicated fund within the State Treasury called the Education Endowment Fund. The fund shall not lapse and will be used exclusively to provide distributions to school districts. The fund shall consist of appropriations made to the fund by the General Assembly; proceeds of gifts, grants or contributions to the Commonwealth that are specifically designated for inclusion in the fund; and any accrued interest. Additionally, my legislation will create a board to act as trustee of the fund that will be comprised of the State Treasurer or a designee, the Secretary of Education or a designee, three members appointed by the Governor, two members of the Senate, and two members of the House of Representatives.
By June 15, 2018, and each following June 15th, the State Treasurer shall certify the amount of interest earned by the fund in the prior fiscal year and distribute 60 percent of the interest earned by the fund in the prior fiscal year to each school district in the same manner as the basic education line item found in the General Appropriation Act.
I hope you will consider joining me in sponsoring this important legislation. If you have any questions or need additional information, please do not hesitate to contact my office.
Introduced as HB1668