News Iowa Receives $316 in Federal School Stabilization Funds Posted 3 June 2009 The U.S. Department of Education has approved Iowa’s application for the first $316 million in State Fiscal Stabilization Funds available for public education through the American Recovery and Reinvestment Act (ARRA). “Even in a time of national economic challenges, we must always keep our commitment to students, families, and teachers,” said Governor Chet Culver. “As a former teacher, I believe investment in schools is an investment in our state’s future. These Recovery Act funds will help us keep our promise to students, and will help put Iowa in a position to come out of this economic situation stronger than before.” The amount represents 67 percent of the total State Fiscal Stabilization Funds available to Iowa. The state will be eligible to apply for another $156 million this fall. The stabilization funds are allocated through the fiscal year 2009-2010 state budget, which was approved by the Iowa legislature. School districts will receive the money through the established state aid payment distribution method beginning this month. The State Fiscal Stabilization Fund program is new, one-time funds the USDE is awarding to Governors and states to help stabilize state and local budgets in order to minimize and avoid reductions in education and other essential services.

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