Thursday, October 09, 2008

Michigan School Funding - Part III

To make sense of how school funding operates in Michigan, the first step is to gain an understanding of the basics of where and how much money the state deals with annually. The image below illustrates the estimated (not yet approved) $42.95 Billion state budget for the 2008-2009 fiscal year (majority of data from the House and Senate Fiscal agencies). Fundamentally there are only two major sources of funds; state revenues and federal revenues. Within each of these categories there are multiple sources (income taxes, federal taxes, sales and uses taxes, and fees). I'll detail these sources (and uses) when looking at the largest budget programs controlled by the state - of which K-12 funding is the biggest.

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