The 2016-17 funding levels for the Foundation School Program will include the following:

1. $1.2 billion for basic allotment increase ($5,140 for both years of the biennium)

2. $200 million for fractional funding (districts with low tax rate in 2005-06)

3. Increase to Austin Yield (revised from original proposed budgets):  $74.28 (2016) and $77.53 (2017)

4. $55.5 million for Instructional Facilities Allotment (2017)

5. $47.5 million for New Instructional Facilities Allotment

Included in the Texas Education Agency budget are the funding levels necessary for the tax relief package:

1.  $2.6 billion for the 25 percent reduction to the franchise tax

2. $1.2 billion for the $10,000 increase to the homestead exemption (the hold harmless provision was not discussed, and will be in SB 1)

Moak, Casey & Associates will begin to model these formula adjustments and provide updated printouts to our clients on Thursday.