Schools are in for a significant increase in funding from the sale of unwanted teacher housing.
From July 1 this year, schools will be offered 100% of the net proceeds from the sale of surplus school houses, up from 50%.
Associate Education Minister Nikki Kaye says, “The extra revenue will be added to the lump sum given to each school every five years to maintain and modernise school property and infrastructure, and to bring classrooms up to modern learning environment standards.”
About 1900 school houses are on Ministry of Education administered land with a total value of over $300 million, she says.
The initiative is intended to encourage school boards of trustees to dispose of surplus housing more quickly.
“This change will enable us to reduce long-term vacancies, sell houses that are no longer required for education purposes and manage the ministry land portfolio more effectively,” Ms Kaye says.
The proceeds of each sale, however, must be added to the school’s five-year agreement budget, meaning the money has to be spent on modernising existing school property and infrastructure.
Jason Walls is an AUT journalism student
This article is tagged with the following keywords. Find out more about MyNBR Tags
- IRD IT programme to lead to loss of about 1000 jobs
- Warminger wants FMA's 'catch-all pleading' refined
- The Budget in 60 seconds: 10 key points
- Privacy Commissioner says LinkedIn's communication over data breach 'poor'
- MARKET CLOSE: NZX 50 rises to record; F&P Healthcare result adds to upbeat NZ Inc sentiment
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- Matthew Hooton on Labour party’s reaction to the budget 2016
- Rodney Hide says the attack by University of Auckland over overfishing is nonsense
- Do social bonds make sense? Tim Hunter tells Andrew Patterson it’s not just about the warm fuzzies
- Cameron Officer talks about the car of the week - Volkswagen California Ocean