The state’s school funding formula is failing to bridge the divide between what rich and poor towns can afford to spend on educating their students. To close these yawning disparities, the state needs to spend anywhere from an additional $338 million to $1.7 billion more a year.
These are the conclusions of a trio of analyses on how the state funds its schools. Those studies – by the New England Public Policy Center, the School and State Finance Project, and the Rutgers Graduate School of Education – were provided to the CT Mirror this week.
The Federal Reserve Bank of Boston’s New England Public Policy Center pegged the annual cost of closing this gap at between $940 million