Investing in Our Future pt 3: Can an Arkansas Public School Survive on Only 25 Mills?
"If you think education is expensive, try ignorance." - Derek Bok In Arkansas, school funding is a shared responsibility between state and local communities. While the state provides foundation funding to help equalize opportunities, the financial health and long-term viability of a school district still depend heavily on local support. One question that occasionally arises in policy discussions AND discussions among communities is: Could a public school district remain viable if it relied ONLY on the minimum 25 mills from its local community? The short answer is it would be extremely difficult - and in many communities, impossible. Understanding the 25 Mil Requirement Arkansas law requires every school district to levy a uniform rate of 25 mills for maintenance and operation (M&O). This tax is applied to the assessed property value in the district and is used sole...