Will voters agree to tap more money from Minnesota's school trust fund?
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Of all the money that funds Minnesota’s public schools, there is a stream of funding that comes from a trust built over 150 years ago.
The Permanent School Fund is an account established in 1858 that funnels dividends from timber or mining sale leases to schools. The bulk of public school money comes from the state and the amount of money spent per student is determined by a formula created decades ago.
On Saturday, a law goes into effect that will add a question on the ballot in November for voters to amend the Minnesota Constitution and increase money going to all schools from that old permanent fund.
It’s a way of bolstering education budgets without increasing taxes, advocates say.
Kirk Schneidawind is the executive director of the Minnesota School Boards Association and said there was a time where schools were taking in $0 from that fund. Now it’s up to around $68 per student and this vote would increase it another $40 per student.
“It's going to help all of our 329 public school districts, our charter schools, as well as our tribal schools,” Schneidawind said. “This money is sitting in this Permanent School Fund and not being utilized.”
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