KBA

KBA

In a budget year that remains challenging for many school districts in Kansas, 34 districts got some bad news Friday afternoon.

The state sold the investment portfolio of the Kansas Bioscience Authority (KBA) for $14 million. That's far below the $25 million it was estimated to generate. 

The KBA's sale was part of  a complicated deal to fix school inequity in the state. Money over $25 million was to be used to help fund that settlement, approved by the state Supreme Court after a special legislative session in July.

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Kansas lawmakers have approved a school funding plan that they say will end the risk of a legal fight closing Kansas schools. The bill is in response to a Supreme Court ruling that says the funding system was unfair to poorer school districts.

Democratic Sen. Anthony Hensley joined a large bipartisan majority Friday night that supported the bill.

“Regardless of who came up with the plan, what matters is that what we did today was put the children of Kansas first. This is a responsible plan that solves the problem,” said Hensley.

Courtesy photo / KBA

The Kansas Senate Ways and Means Committee heard testimony this week on a bill that would essentially sever financial ties between the state and the Kansas Bioscience Authority, according to the committee's vice chairman  Jim Denning, a Republican from Overland Park. 

“It’s unwinding it from any state influence and further state funding,” Denning says.

The Kansas Bioscience Authority and its former President and CEO Tom Thornton will not face any criminal charges over inappropriate use of state tax dollars.