Funding will help reduce cuts
to state government and key priorities of
education, health care and public safety
FRANKFORT, Ky. (June 30, 2009) - Governor Beshear today, along with interim Kentucky Department of Education Commissioner Kevin Noland, submitted Kentucky’s application to the U.S. Department of Education for the State Fiscal Stabilization Fund through the American Recovery and Reinvestment Act (ARRA).
The fiscal stabilization portion of Kentucky’s ARRA funding is set to provide support for elementary, secondary and public higher education, as well as additional areas of governmental operation, including public safety. A total of $651 million is available to Kentucky from this Fund. Nationally, the ARRA provides $53.6 billion in grants to states to preserve funding in education and other priority areas.
“The State Fiscal Stabilization Fund dollars are a necessary part of addressing the massive budget shortfalls we face over the next couple of years, especially in crucial areas of K-12 and higher education,” said Gov. Beshear. “It is critical that we obtain Kentucky’s full share of the federal stimulus package so we can continue to best manage these trying economic times.”
55 percent of the funds will be used to fund gaps in the budget for FY10, while 45 percent will be held for FY11’s projected budget shortfalls. This funding is a key component of the budget balancing plan for FY 10 recommended by Governor Beshear and adopted by the General Assembly in the special session that ended last week.
As part of the application, states commit to continuing progress on four areas of educational reform. These include enhancing teacher effectiveness, improving the collection and use of data in educational settings, enhancing the quality of educational assessments and providing support for struggling schools.
32 states to date have been approved for funding through the stabilization fund.
The fiscal stabilization portion of Kentucky’s ARRA funding is set to provide support for elementary, secondary and public higher education, as well as additional areas of governmental operation, including public safety. A total of $651 million is available to Kentucky from this Fund. Nationally, the ARRA provides $53.6 billion in grants to states to preserve funding in education and other priority areas.
“The State Fiscal Stabilization Fund dollars are a necessary part of addressing the massive budget shortfalls we face over the next couple of years, especially in crucial areas of K-12 and higher education,” said Gov. Beshear. “It is critical that we obtain Kentucky’s full share of the federal stimulus package so we can continue to best manage these trying economic times.”
55 percent of the funds will be used to fund gaps in the budget for FY10, while 45 percent will be held for FY11’s projected budget shortfalls. This funding is a key component of the budget balancing plan for FY 10 recommended by Governor Beshear and adopted by the General Assembly in the special session that ended last week.
As part of the application, states commit to continuing progress on four areas of educational reform. These include enhancing teacher effectiveness, improving the collection and use of data in educational settings, enhancing the quality of educational assessments and providing support for struggling schools.
32 states to date have been approved for funding through the stabilization fund.
SOURCE: The Gov
No comments:
Post a Comment