The Jefferson County Commission has announced that it is giving a surplus of $69 million to the Jefferson County School System. According to the Birmingham Business Journal, the county has recently refinanced $385 million in school construction debt, which created the surplus. The county is set to direct a total of $87 million to area schools over the next 12 months.
“In addition to the $69 million distribution, the first installment of the annual $18 million allocation of funds will be distributed in mid-2018,” a news release states.
The commission will leave the decision of how to spend the money up to school leaders and their districts. Jimmie Stephens, President of the Jefferson County Commission, called the move an investment in the future of Jefferson County.
“We must invest in the education of the young people who will become the skilled workers and community leaders of tomorrow. The Jefferson County Commission is very pleased to direct these funds toward education — choosing to re-invest this surplus in area schools is an investment in Jefferson County’s future.”
The funds will be directed to city and county school systems in proportion to the size of their enrollment. Here is how the funds are set to be allocated:
- Bessemer: $2,459,972.28
Birmingham: $16,000,671.85
Fairfield: $1,179,990.19
Homewood: $2,756,803.27
Hoover: $9,129,049.24
Leeds: $1,266,713.39
Midfield: $738,995.10
Mountain Brook: $2,909,792.22
Tarrant: $774,546.94
Trussville: $2,998,737.63
Vestavia Hills: $4,732,068.54
Jefferson County: $24,052,659.36
The money will be presented to the districts’ superintendents and board of education presidents during a meeting at The Club today, September 20.
