2008 Woodie Awards
Illinois ranked 49th in state funding
Poorer communities suffer because property taxes determine funding
Chris Davies
Issue date: 10/16/07 Section: News
The federal government also provides over $2 billion to fund K-12 education."
"The current lottery system doesn't provide the kind of revenues that schools need, and neither would expansion of the lottery," Fauke said.
Gov. Rod Blagojevich presented an idea to privatize the lottery during his campaign last year.
Blagojevich's plan included selling or leasing the Illinois Lottery for around $10 billion.
Of that $10 billion, $4 billion would go directly into schools for years.
The rest would go to an annuity that would provide about $650 million a year until 2025.
The problem with this scenario, according to Fauke, is that after 2025 there is no money left at all, and the entire burden is placed upon the taxpayers again.
"It is very detrimental for schools to have all of these good things like teacher training, and longer school days, then to take it away after four years or so," Fauke said.
This plan, however, has never become legislation and has never been formally proposed to the state legislature.
"The current lottery system doesn't provide the kind of revenues that schools need, and neither would expansion of the lottery," Fauke said.
Gov. Rod Blagojevich presented an idea to privatize the lottery during his campaign last year.
Blagojevich's plan included selling or leasing the Illinois Lottery for around $10 billion.
Of that $10 billion, $4 billion would go directly into schools for years.
The rest would go to an annuity that would provide about $650 million a year until 2025.
The problem with this scenario, according to Fauke, is that after 2025 there is no money left at all, and the entire burden is placed upon the taxpayers again.
"It is very detrimental for schools to have all of these good things like teacher training, and longer school days, then to take it away after four years or so," Fauke said.
This plan, however, has never become legislation and has never been formally proposed to the state legislature.
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