FY 2013-14 Education Protection Account Spending Plan
Approved by the New Heights Charter School Governing Board on June 17, 2013
With the passage of Proposition 30, which temporarily increases the personal income tax rates for upper-income taxpayers and the sales tax rate for all taxpayers, the state officially established the Education Protection Account (EPA). Revenue generated from the increased taxes are deposited into the EPA and later distributed to districts and charter schools.
While funds from the EPA are part of a district’s or charter school’s general purpose funding, Proposition 30 specifies that EPA funds may not be used for salaries or benefits of administrators or any other administrative costs.
In FY 2013-14, EPA funds are estimated to be 16% of a school’s total general purpose entitlement. Based on current projections, New Heights’ 13/14 EPA funds are projected to be $329,639.
These funds will be allocated to support teacher salaries in FY 2013-14.