BATON ROUGE, La. - Nearly $1 of every $4 in state aid sent annually to Louisiana’s public schools disappears before it reaches classrooms.
A new report from the legislative auditor says the dollars are siphoned away to pay retirement obligations that cost $853 million a year.
Legislative Auditor Mike Waguespack's review says the retirement debt payment amounts to $1,302 per student.
The Advocate reports that state aid for public schools totaled $3.9 billion for the 2019-20 budget year reviewed by auditors.
The teacher debt obligation grabbed 24% of that allocation.
The debt is supposed to decline over time, lessening the burden on school systems.
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