The Capital Debt Affordability Committee recently posted its report on recommended debt authorizations for the State in Fiscal Year 2015.
The report includes an analysis of tax-supported debt trends, a discussion of capital debt and school construction needs, excerpts from bond agency reports, and an affordability analysis. On school construction, the Committee writes,
The Public School Facilities Act of 2004 established a State goal to provide $2.0 billion in State funding over eight years to address deficiencies, or $250 million per year through fiscal 2013. From fiscal year 2006 to 2013, the State invested a total of $2.516 billion in public school construction, surpassing the overall State goal of providing $2.0 billion. . .Although the State has exceeded the $2.0 billion overall funding goal by 25 percent. . . escalation in building costs since 2004 has significantly raised the actual cost of the basic goal of the Public School Facilities Act – to bring all public schools up to minimum standards by fiscal year 2013. . . school construction needs continue to exceed the anticipated level of State funding.
For more information, read the full report and these previous posts form Conduit Street: