School Modernization Stimulus Funds Released Early

U.S. Secretary of Education Arne Duncan announced July 1 that more than $2.7 billion of the State Fiscal Stabilization Fund under the American Recovery and Reinvestment Act (ARRA) of 2009 is being made available early to help states as they face increasing budgetary pressures. According to the Department's press release, "State Fiscal Stabilization Funds (SFSF), which total more than $48 billion, represent nearly half of the $100 billion set aside for the Department of Education as part of the stimulus bill.  The SFSF is intended to augment state education budgets and drive reform.  Of the $48 billion available in SFSF, approximately $8 billion is designated as part of a government services fund which is intended to provide states with maximum flexibility in addressing budget shortfalls and is available for education, school modernization, public safety or other government services."  Click here to read the entire release.