Replacing old buildings with new buildings, repairing old buildings, incorporating more facilities to the existing building etc are expensive acts. It is difficult for the school management or the authorities to find funds for the renovation or replacement of the school buildings from the tuition fees alone. According to a rough estimate done by the 2003 State Auditors Office report, statewide need is around $4.7 billion for the school building replacement or renovation (Colorado Department of Treasury, 2010). In short capital funding is necessary for the American schools to ensure the safety of the existing school buildings or to make new buildings. This paper briefly analyses various aspects of capital funding in schools.
Capital funding or bonds in schools are the funds allocated to the schools by the government for the modernization of the school buildings according to locally agreed priorities established in the Schools Asset Management Plan. The government wants to raise the standards of education in schools and for that purpose, ample infrastructure facilities are necessary in the school compound. Capital funding is given to the individual schools by the authorities based on the requirements estimated by the school authorities and the local authorities. In UK, school capital funding is intended for the “standards focused projects which contribute to achieving government targets for educational improvement. Projects must have a minimum value of 500,000 of which 20% of the funding must be met from Local Authority/local sources” (Capital Funding for School Buildings, 2010)
“It is important that school districts have the resources to help schools recover from unexpected natural damage. As a result of this capital funding, students in School District can focus their attention on the business of learning, and not the condition of their school”(Governor Quinn Highlights $4.3 Million in Capital Funds for New Belleville Elementary School). Transfer