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The legislature wrapped up a one-day special session earlier this week, with a focus on rebalancing the state budget. This email provides important updates related to the Student Investment Account:
- For the 2020-21 school year, the SIA will continue to be funded by the Corporate Activity Tax (CAT), with the amount available for these grants reduced to a level of $150M.
- As part of HB 4304, Section 70, the following adjustments have been made for the 2020-21 school year only:
- Grant recipients may submit an amended grant application through a process that may be modified by ODE based on rules adopted by the State Board of Education
- Grant recipients will not be required to meet longitudinal performance growth targets for the five common metrics (regular attendance, third grade reading, ninth grade on-track, four year graduation, and five year completion); however, ODE may develop alternative and applicable performance growth targets and indicators of progress
- Grant recipients are encouraged to prioritize the use of grant funds to meet student mental or behavioral health needs
We are currently working through the implications of these decisions and will share additional context and clarifying information soon. We are actively working on:
- An updated release of SIA allocation amounts;
- An update on how approved SIA applications can move forward;
- A process for budget or plan changes that aren’t within the plans or budgets previously submitted; and
- A summary of the direction we will head to implement the SIA given the adjustment in direction.
We continue to deeply appreciate your grace and patience during these last few months. Now that we have this new information, we look forward to again moving the SIA work forward in partnership with you!
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