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REFORM EDUCATION <br /> FUNDING , AND FUND • <br /> PUBLIC EDUCATION <br /> • State funds basic operational support of K-12 <br /> education. <br /> • Localro erty taxes still pay for capital improvements <br /> P P <br /> and referendum levies. <br /> • Local districts retain discretion over operations and <br /> whether.to provide additional funding. <br /> • 3% per year increase over <br /> FY 97 formula allowance el <br /> of $3,505, raising it to $3,610 in FY 98 and $3,720 in <br /> FY 99. <br /> • Changes total additional funding of $750 million for <br /> K-12 and $175 million for higher education in <br /> FY 98-99. <br /> • <br />