CA: Gov. Schwarzenegger will repay the schools back

More recent updates at Educational Justice, now a group blog with the addition of Duane Campbell and others.

Press release from Jack O'Connell, Superintendent of Public Instruction, stating the lawsuit against the state regarding the money is settled.

The agreement restores funding Proposition 98 funding that was due, but not provided in the 2004-05 and 2005-06 fiscal years. The Governor’s May Budget Revision will include $2 billion and language that provides an additional $3 billion to be paid in installments between fiscal year 2006-07 and fiscal year 2013-14, or until paid in full.

One detail to note: the money will be paid back in installments ending 2013-14, not in one lump sum which was the way it was taken out of the schools budget.