Rainy day fund for education loses $42 million - Spokane, North Idaho News & Weather KHQ.com

Rainy day fund for education loses $42 million

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BOISE, Idaho. - A state rainy day fund created to protect public schools during tough economic conditions has about $42 million less now than it did earlier this year, leaving education with less of a cushion as holdbacks loom.

The public education stabilization fund was among state reserve accounts that Idaho lawmakers targeted late in the 2009 Legislature to help balance the books that closed June 30.

State officials dipped into the public education stabilization fund, pulling out about $37 million, to help offset multimillion dollar deficits in the state's general fund for fiscal year 2009.

The fund lost another $5 million after public education costs, things like transportation and student enrollment growth, came in higher than expected.

State education budget analyst Paul Headlee says the education fund that grew to $114 million during the last session now holds about $71.8 million.

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