Private school vouchers have saved taxpayers more than $1.7 billion since 1990, with nearly half of that coming from Florida’s McKay Scholarship for students with disabilities, according to a new report by the Friedman Foundation for Educational Choice.
The School Voucher Audit by Jeff Spalding, former CFO of the City of Indianapolis, takes a sophisticated look at the fiscal impact of vouchers, considering multiple revenue sources, fixed and variable costs and policy design. It examines 10 programs that have served a total of 505,000 students from 1990-2011.
The bulk of the savings, $1.3 billion, have occurred since 2007. Excluded from this report are savings from tax credit scholarships, individual tax credits or deductions, or education savings account programs.
Florida programs had the biggest and smallest savings. The short-lived Opportunity Scholarship program, struck down in 2006 by the Florida Supreme Court, saved the state $2.9 million, while the McKay scholarship program has saved the state $836 million. The nation’s oldest voucher program, Milwaukee’s Parental Choice Program, has saved Wisconsin $238 million since 1990. Continue Reading →