THE NEWS SERVICE OF FLORIDA
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THE CAPITAL, TALLAHASSEE, March 20, 2017……… If Florida lawmakers don’t agree to borrow money to pay for school construction and maintenance projects, they will come up about $36 million short of what state education officials have requested for a key program next year.
State economists made their final estimate last week on money available in the 2017-18 fiscal year for the Public Education Capital Outlay, or PECO, program, which is funded by the gross-receipts tax on utility services, including electricity and communications. They looked at two scenarios: one without bonding and the other with bonds.
With no bonds, the economists estimated PECO would generate $337 million in cash that could be used for projects in the kindergarten-through-12th grade system, state colleges and universities. That funding could be supplemented with other revenue. But if it is not, it will fall short of the $373 million PECO request from state education officials.
