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 2023, individual income taxes, corporate income taxes, and general sales taxes account for over 92% of ETF revenues.

From fiscal year 2014-2023 nominal ETF spending grew by 46.9%, totaling over $11 billion last year including supplemental appropriations. In 2014 total ETF spending was less than $5.9 billion annually. Over the same period of time, revenues to the ETF grew by 79.7%.

Over the past five years, ETF spending grew by 24.5%, while revenues grew by more than 54.3%. Total nominal ETF spending was $2.8 billion higher in 2023 than it was in 2019.

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.