It's official: local schools get $1.2 million from Gain Share
Superintendent Mike Scott last week received a formal letter promising the Hillsboro School District a share of $10 million in Gain Share funds over the next two years.
The letter, signed by Washington County Commission Chairman Andy Duyck and Hillsboro Mayor Jerry Willey, noted the funds are being set aside for the countys schools over the course of the current biennium, 2013-15.
Duyck and Willey first announced their intention to share a portion of Gain Share funds with schools at a joint press conference June 6. Details about how the money will be divided among the seven Washington County school districts (Banks, Beaverton, Forest Grove, Gaston, Hillsboro, Sherwood and Tigard-Tualatin) were released Monday.
The $5 million annual allocation (for school years 2013-14 and 2014-15) will be distributed via the per-student average daily membership enrollment calculation the standard formula by which the state allocates money to school districts.
Hillsboros portion of the money will be $1,218,271.93.
Based on a verbal commitment two months ago, the school board earmarked $1.2 million for adding school days back to the calendar.
A five-day reduction to the school year to help bridge the gap between revenues and expenditures was included in the 2013-14 budget in June.
Due to the infusion of Gain Share funds and collaborative negotiations with the teachers union, in late July the district was able to add three of the previously reduced days back to the upcoming school years calendar.
Hillsboro School District is extremely grateful to the city of Hillsboro and Washington County for their willingness to share Gain Share funds with local school districts, said Scott.
Gain Share is money local taxing authorities receive back from the state as a result of tax-abatement agreements with large employers. Through Strategic Investment Program (SIP) agreements, large employers can pay less money in taxes in exchange for significant investments in their physical plants.
The income tax collected from employees who are new to those companies as a result of the investment is held separately by the state half is kept at the state level and half is returned to local taxing authorities.Add a comment