This analysis is in response to a request by the Governor, President of the Senate, and Speaker of the House of Representatives for Revenue and Fiscal Affairs to develop a funding model for education.
This report describes the approach, presents known data, and outlines the next steps to enable RFA to complete the education funding model and accompanying goals. The premise of the model is that students drive the need for services, and different students may require different services. The model attempts to 1) identify those services and 2) estimate the cost of providing those services.
The key factors affecting this model are:
- number of students
- number of teachers and student-teacher ratios
- teacher salaries
This approach differs from the current practice of budgeting, which is based on formulas, accounting codes, and specific programs. As currently structured, the Base Student Cost only covers a portion of the total cost of education, and this model attempts to quantify the full cost in a single number.
Any and all comments from interested parties are welcomed and may be emailed to EdFund@rfa.sc.gov. While this report attempts to identify data and policy issues for follow-up, any comments to improve or guide this analysis are especially welcomed. Please note that all correspondence is considered public information.
This analysis is based upon the data included in the Statement of Expenditures and Revenues published by the Department of Education. Any errors or omissions in the data may affect this analysis. Please report any corrections to RFA by email to EdFund@rfa.sc.gov.
Education Funding Model - Other Resources
Expenditure Crosswalk to In$ite: Exp. Codes
Revenue Code List: Rev. Codes
FY 2015-16: Excel File