Pritzker revenue need “guesstimate” revised to $10.7 billion
Tuesday, Sep 11, 2018
* This post was was originally an update to an earlier post, but I thought it deserved its own space. JB Pritzker said this during a radio interview today…
So, going by the Civic Federation’s 2015 numbers, we can get a rough idea about what this would cost.
Local property taxes fund about $18 billion in school spending out of about $29 billion in total. Subtract out the 12.3 percent supplied by the federal government and “other local” funding, and you wind up with about $25.4 billion. Half of that would be $12.7 billion. So, that would have been a 2015 increase in state funding, and corresponding decrease in local property tax funding for K-12 education of $5.3 billion.
* My “guesstimate” last month for Pritzker’s proposed spending figured he’d increase K-12 by about $500 million. If we take Pritzker at his word, my guess was too low by maybe $5 billion.
So my earlier guesstimate of $5.7 billion for new net revenue needs should be revised upward to $10.7 billion.