Inflation is one of the biggest reasons. Costs of everything have gone up (as I'm sure you've seen in your personal life), but school funding rates have not. The amount of funding your district receives from the state is still at 2019 rates. The state legislature can't pass a school funding bill because of disagreements about vouchers.
Funding for public schools is a complicated formula but relies heavily on Average Daily Attendance. Post-pandemic, every school around the country is struggling to get kids to school. Again there are complicated reasons for this, and your opinion probably tracks your preferred political candidate, but the bottom line is most schools are seeing a smaller percentage of their students attending daily and that hurts funding.
On top of this lower income (especially when adjusted for inflation), most districts increased teacher salaries dramatically to attract/retain talent. There's a nationwide shortage of qualified teachers willing to work for the offered wages, they really need to increase it further. Payroll is the biggest expense in any district. Again this is a complicated problem, there are many other reasons why someone does/does not want to teach in a given place, but pay is a big one.
TLDR - less money in, more money out, school districts are going broke.
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