The Alaska House Finance Committee has introduced a new operating budget draft that would guarantee a $158 million increase in funding for public schools in the next fiscal year. The state already spends around $1.3 billion to provide a public education to roughly 125,000 K-12 students. Last year, the Legislature approved an update to the base formula used to calculate per-school funding, resulting in a roughly $175 million increase. However, school districts across the state have complained that the formula was insufficient to meet rising costs. The bill proposed would increase the Base Student Allocation from $6,660 to $7,290, resulting for a $157 million boost in education funding in the coming fiscal year, which would include $44 million in extra funding for the Anchorage School District, $22 million for the Mat-Su Borough School District; and $14 million for Fairbanks North Star Borough. If the bill fails to pass, budgeters may seek equal funding for next year's budget. Governor Mike Dunleavy has a long track record of vetoing one-time school funding, despite allowing $175m in one-year increments.