Education Trust Fund Budget
The Education Trust Fund (ETF) budget funds all state education activities, including K-12 programs and higher education. The primary revenue streams for the ETF budget are income and sales taxes. In fiscal year 2022, individual income taxes, corporate income taxes, and general sales taxes account for over 90% of ETF revenues.
From fiscal year 2013-2022 nominal ETF spending grew by 64.7%, totaling almost $9 billion last year including supplemental appropriations. In 2013 total ETF spending was less than $5.5 billion annually. Over the same period of time, revenues to the ETF grew by 83.4%.
Over the past five years, ETF spending grew by 39.5%, while revenues grew by more than 54%. Total nominal ETF spending was $2.5 billion higher in 2022 than it was in 2018.
This graph shows a comparison of the annual percentage growth of total state K-12 spending versus the annual growth of the State Department of Education Administrative Services Program. The Administrative Services Program provides support to educational functions including departmental operation and maintenance, operation and maintenance expenses for reading initiatives, and support for teacher and student testing, distance learning, and the math,science, and technology function, among others.