Proposition 123 generated $823M for Arizona public schools, report finds
Aug 13, 2018, 4:31 AM | Updated: 4:08 pm
(Pixabay photo)
PHOENIX — A proposition passed by Arizona voters more than two years ago to provide funding for public schools has generated nearly $900 million in revenue since it became law.
The Office of the Arizona State Treasurer said in a report last week that Proposition 123 has generated $884 million.
State Treasurer Eileen Klein told KTAR News 92.3 FM that $823 million of that money went directly to public schools.
“Because of the strong market performance and smart investment strategy, we’ve seen better than expected increases in distributions to public schools,” she said.
“It’s exciting to see (public schools) get these resources at a time when they really need it.”
Klein said that while anything can change overtime, the office is “anticipating greater change for the future.”
Proposition 123 was designed to settle a long-running lawsuit over K-12 school funding.
Schools sued over the Legislature’s failure to follow a voter-approved law and increase school funding each year to adjust for inflation.
The proposition was voted on in May 2016. It was enacted to put $3.5 billion into K-12 education over the next 10 years.
The measure had solid early support in the state: A poll from earlier that year found that nearly 40 percent of Arizona voters planned to cast their ballot in support of Prop. 123, while about 25 percent planned to vote against it.
The measure provides about 70 percent of what schools said they were owed and stops a court fight that has already dragged out for more than five years.
The settlement cash comes from about $1.3 billion in general fund money and $2.2 billion from a state land trust.
Ducey, lawmakers and many education community leaders supported the deal at the time.
Opponents included state Treasurer Jeff DeWit and the League of Women Voters of Arizona.
KTAR News 92.3 FM’s Ali Vetnar contributed to this report.