Massachusetts Gov. Charlie Baker's fiscal 2018 budget will include an increase of more than $91 million in Chapter 70 education funding and $40 million extra in unrestricted local aid to municipalities, Baker announced at the Massachusetts Municipal Association's annual meeting.
Baker is scheduled to release his budget this week.
The Chapter 70 program is the major program of state aid to public elementary and secondary schools. That and local property taxes are the chief sources of funding for kindergarten through 12th grade education throughout the commonwealth.
"We are committed to investing in our cities and towns to support their efforts to drive our Commonwealth's economic growth and prepare our children for a successful future," Baker said Friday.
According to Baker's announcement, the commonwealth will earmark $4.7 billion in total aid to public schools, including an increase of at least $20 per pupil to all 322 operating districts. The hike in unrestricted local aid will bring that budgeted amount to just above $1 billion overall.
Moody's Investors Service rates the commonwealth's general obligation bonds Aa1. S&P Global Ratings and Fitch Ratings assign AA-plus ratings.