The Secretary of Education announced today that Tennessee and Deleware are the only two states to win the first round of Race to the Top Grants. Delaware received approximately $100 million; Tennessee gets approximately $500 million. The remainder of the Race to the Top funds will be distributed in later rounds, with the deadline for the next round of applications being June 1.
This substantial influx of funds will help Tennessee implement a series of reforms designed to turn around struggling school systems and make better use of student assessment data.
For more on the announcement, click here.
Monday, March 29, 2010
Thursday, March 25, 2010
Tennessee Eligible to Receive More than $255 Million in Additional Recovery Funds
U. S. Secretary of Education Arne Duncan today announced that an additional $255,794,562 is now available for Tennessee under the American Recovery and Reinvestment Act (ARRA) of 2009. To date, Tennessee has received $1,569,579,787 through the Recovery Act. The state recently reported that recovery dollars have been used to provide funding for more than 3,700 education jobs from Oct. 1 to Dec. 31, 2009, while also supporting programs that drive education reform.
To the best of my knowledge, this eligibility for Phase II of State Fiscal Stabilization Funds is separate from the State's application for a Race to the Top Grant.
For additional information, go here.
UPDATE: This additional phase-in of stabilization funds was already estimated in the Governor's proposed budget for this year and therefore, does not have an impact on the current budget considerations.
To the best of my knowledge, this eligibility for Phase II of State Fiscal Stabilization Funds is separate from the State's application for a Race to the Top Grant.
For additional information, go here.
UPDATE: This additional phase-in of stabilization funds was already estimated in the Governor's proposed budget for this year and therefore, does not have an impact on the current budget considerations.
Wednesday, March 17, 2010
Federal Allocation for School Construction Bonds
The U.S. Department of Treasury and the Department of Education today announced $11 billion in allocation authority to issue qualified school construction bonds under the American Recovery and Reinvestment Act of 2009 (Recovery Act). Qualified school construction bonds can be used to finance the construction, rehabilitation or repair of a public school facility or for the acquisition of land where a school will be built.
"Recovery Act school construction bonds provide low-cost borrowing to build and upgrade schools, which is a win-win for communities across the country," said Deputy Treasury Secretary Neal Wolin. "The projects funded with these bonds create jobs today building modern schools to prepare our kids for the global economy of tomorrow."
"Preparing students to compete in the global economy requires improvements in all aspects of our nation's education system, including the environments in which they learn," added Education Deputy Secretary Tony Miller. "The Recovery Act is keeping teachers in the classroom and, through the construction bond program, making lasting investments in the quality of our schools. Our kids deserve no less."
Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive Federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.
The Recovery Act provided for the issuance of $11 billion of qualified school construction bonds by states and large local educational agencies in 2009 and $11 billion in 2010. The 2010 allocations include $6.6 billion of bonding authority to the 50 states and the remaining $4.4 billion of volume cap to 103 large local educational agencies under a statutory formula tied to levels of federal education grant funding.
The full list of allocations by state can be found
here.
"Recovery Act school construction bonds provide low-cost borrowing to build and upgrade schools, which is a win-win for communities across the country," said Deputy Treasury Secretary Neal Wolin. "The projects funded with these bonds create jobs today building modern schools to prepare our kids for the global economy of tomorrow."
"Preparing students to compete in the global economy requires improvements in all aspects of our nation's education system, including the environments in which they learn," added Education Deputy Secretary Tony Miller. "The Recovery Act is keeping teachers in the classroom and, through the construction bond program, making lasting investments in the quality of our schools. Our kids deserve no less."
Created by the Recovery Act, qualified school construction bonds help state and local governments obtain low-cost financing for much needed public school improvements and construction. Investors who buy these bonds receive Federal income tax credits at prescribed tax credit rates in lieu of interest. These tax credit bonds essentially allow state and local governments to borrow without incurring interest costs.
The Recovery Act provided for the issuance of $11 billion of qualified school construction bonds by states and large local educational agencies in 2009 and $11 billion in 2010. The 2010 allocations include $6.6 billion of bonding authority to the 50 states and the remaining $4.4 billion of volume cap to 103 large local educational agencies under a statutory formula tied to levels of federal education grant funding.
The full list of allocations by state can be found
here.
Tuesday, March 9, 2010
New On-Line Newsletter of the TN Secretary of State
Secretary of State Hargett is now producing an on-line newsletter focused on topics related to his office. You can find it here.
Friday, March 5, 2010
January Unemployment Figures for the State Unchanged
Tennessee Commissioner of Labor & Workforce Development James Neeley announced this week that Tennessee’s unemployment rate for January was 10.7 percent, unchanged from the revised December rate of 10.7 percent. The January rate a year ago was 9.1 percent. The national unemployment rate for January 2010 was 9.7 percent, down from the December rate of 10 percent.
“The state unemployment rate is holding steady for the month of January,” reported Labor Commissioner James Neeley. “While the unemployment rate continues to be high in Tennessee, we did see a slight increase in employment (+3,400), and two of the three largest gains in employment were in the manufacturing industry.”
Comparing January 2009 with January 2010, year-over-year increases occurred in health care and social assistance, up by 6,800, and in state government which gained 1,100. Meanwhile, manufacturing was down 31,800; trade transportation and utilities lost 28,800; and mining and construction decreased by 16,100.
“The state unemployment rate is holding steady for the month of January,” reported Labor Commissioner James Neeley. “While the unemployment rate continues to be high in Tennessee, we did see a slight increase in employment (+3,400), and two of the three largest gains in employment were in the manufacturing industry.”
Comparing January 2009 with January 2010, year-over-year increases occurred in health care and social assistance, up by 6,800, and in state government which gained 1,100. Meanwhile, manufacturing was down 31,800; trade transportation and utilities lost 28,800; and mining and construction decreased by 16,100.
Thursday, March 4, 2010
Tennessee Named Today as 1 of 16 Race to the Top Finalists
Today the Department of Education announced that 15 states and the District of Columbia will advance as finalists for phase 1 of the Race to the Top competition. Race to the Top is the Department's $4.35 billion effort to dramatically re-shape America's educational system to better engage and prepare our students for success in a competitive 21st century economy and workplace.
States competing for Race to the Top funds were asked to document past education reform successes, as well as outline plans to: extend reforms using college and career-ready standards and assessments; build a workforce of highly effective educators; create educational data systems to support student achievement; and turn around their lowest-performing schools.
The phase 1 finalists are:
•Colorado
•Delaware
•District of Columbia
•Florida
•Georgia
•Illinois
•Kentucky
•Louisiana
•Massachusetts
•New York
•North Carolina
•Ohio
•Pennsylvania
•Rhode Island
•South Carolina
•Tennessee
"These states are an example for the country of what is possible when adults come together to do the right thing for children," Secretary Arne Duncan said.
"Everyone that applied for Race to the Top is charting a path for education reform in America" Duncan continued. "I salute all of the applicants for their hard work. And I encourage non-finalists to reapply for phase 2."
The 16 finalists were chosen from among the 40 states and the District of Columbia that submitted applications for phase 1. Winners for phase 1 will be chosen from among the 16 finalists and announced in April. Applications for phase 2 will be due on June 1 of this year, with finalists announced in August and winners in September. The only states prohibited from applying in phase 2 are those that receive awards in phase 1.
For more information, click here.
States competing for Race to the Top funds were asked to document past education reform successes, as well as outline plans to: extend reforms using college and career-ready standards and assessments; build a workforce of highly effective educators; create educational data systems to support student achievement; and turn around their lowest-performing schools.
The phase 1 finalists are:
•Colorado
•Delaware
•District of Columbia
•Florida
•Georgia
•Illinois
•Kentucky
•Louisiana
•Massachusetts
•New York
•North Carolina
•Ohio
•Pennsylvania
•Rhode Island
•South Carolina
•Tennessee
"These states are an example for the country of what is possible when adults come together to do the right thing for children," Secretary Arne Duncan said.
"Everyone that applied for Race to the Top is charting a path for education reform in America" Duncan continued. "I salute all of the applicants for their hard work. And I encourage non-finalists to reapply for phase 2."
The 16 finalists were chosen from among the 40 states and the District of Columbia that submitted applications for phase 1. Winners for phase 1 will be chosen from among the 16 finalists and announced in April. Applications for phase 2 will be due on June 1 of this year, with finalists announced in August and winners in September. The only states prohibited from applying in phase 2 are those that receive awards in phase 1.
For more information, click here.
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