In this episode of Policy Changes Lives, host and ExcelinEd's Senior Policy Advisor of Education Funding, Matthew Joseph, sits down with Aaron Smith, director of education reform at the Reason Foundation, to explore how states can rethink school funding amid tight budgets and declining public school enrollment. Smith examines how funding formulas shape district decisions and explains how “hold harmless” provisions—which protect districts from funding reductions, even when enrollment declines—can create challenges for aligning resources with the needs of today’s students. As states face growing pressure to make the most of limited resources, the conversation explores how funding policies can influence district priorities and the effective use of education dollars.
Smith also discusses how states approach school funding differently, highlighting examples of policies that preserve funding despite enrollment changes and those that more directly connect resources to student needs. The also conversation examines how state leaders can design funding systems that respond to changing enrollment, support student outcomes and encourage districts to use resources effectively.
For policymakers and education leaders, the episode offers a closer look at how thoughtful funding policies can help states navigate fiscal pressures while keeping student needs at the center of decision-making.
More from Aaron’s work:
Policy Study: The cost of state hold harmless policies in K-12 education
K-12 Education Spending Spotlight 2025: Annual public school spending nears $1 trillion
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