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Approximately $60,000 in additional revenue for New Ulm Public Schools will come into effect July 1, 2027 thanks to the passing of Constitutional Amendment I, "Increasing funding to school districts."
This money is not coming from tax dollars, but from Minnesota's Permanent School Fund, which has generated its current $2.3 billion from school trust lands, timber, leases, mineral rights, and investments.
The amendment will change the formula for how funds are distributed, basing funding on a 4.5% average value rather than on interest and dividends as it had previously done.
Not only will New Ulm Public Schools benefit from this change, but all of Minnesota.
Superintendent Sean Koster was pleased with the passing of the amendment.
"For our district, the change is expected to generate approximately $60,000 in additional annual revenue a year, which will help us address deficit spending and work toward a balanced budget," Koster said.
Although the passage of the school fund amendment will help, public school funding is still an issue.
"While this is a positive step, it is important to recognize that the additional funding will not solve the financial challenges facing school districts, particularly rural districts like ours," Koster said. "The funding needs of public schools are much greater than what this amendment will provide."
Koster said the amendment is a step in the right direction.
"Every dollar matters, and we appreciate the additional resources that will help us continue supporting our students while being responsible stewards of taxpayer dollars," Koster said.