House Bill 222 "An Act requiring an annual inflation adjustment of the base student allocation used in the formula for state funding of public education; and providing for an effective date."
Click for PDF: http://www.akdemocrats.org/sponsor/HB222_ss_rep_kapsner.pdfHB 222 would help ease the burden of financing schools by adjusting the foundation formula to account for inflation. Currently, the foundation formula statute does not have an inflation adjustment for the base student allocation of $4,010.
The Consumer Price Index (CPI) for Anchorage rose approximately 21 percent from 1992 to 2002. However, over the last ten years, the legislature increased the base foundation formula ($4,010) only seven percent.
HB 222 would place an inflationary adjustment in Alaska Statute 14.17.470 based on the CPI for the Anchorage area compiled b the Bureau of Labor statistics, U.S. Department of Labor.
Inflation has eroded many of our district’s budgets for years. This bill would ensure our schools would at least keep up with inflation now and in the future.
Thank you for your consideration.