LOS ANGELES (CNS) - At the request of Los Angeles Unified School District Superintendent John Deasy, the district's Board of Education restored the district's 180-day school year and rescinded all furlough days for the 2012-13 school year -- all thanks to the passage of Proposition 30.

"Most everybody had taken huge cuts in pay on top of furloughs, so the ability to have a whole school year is a very big deal," Deasy told reporters at the district's downtown headquarters. The district's labor unions -- including United Teachers Los Angeles -- had reached an agreement providing for employees to take 10 furlough days during the coming school year.

UTLA President Warren Fletcher hailed Deasy's decision. "Our teachers took a risk last year, approving the jobs restoration and furlough agreement, which included up to 10 furlough days," Fletcher said. "As always, they put students first."

Proposition 30 will increase the sales tax by a quarter-cent on the dollar for four years and raise the income tax on annual earnings over $250,000 for seven years. The increased revenues from Proposition 30 will result in an increase to the minimum guarantee for schools and community colleges under terms of Proposition 98, approved by voters in 1988. Revenue generated by Proposition 30 will be deposited into the state's newly created Education Protection Account. Of the funds in the account, 89 percent will be devoted to schools from kindergarten through 12th grade, and the other 11 percent to community colleges.

Each school district will receive at least $200 per student in funds from the account and each community college district at least $100 per fulltime student.

The additional funds cannot be used for administrative costs. School and community college boards will decide how the funds would be spent. The additional tax revenues generated by Proposition 30 could also be used to fund other programs in the state budget.

Proposition 30 will generate an additional $6 billion in state tax revenues from the 2012- 2013 through 2016-17 fiscal years, according to an estimate from the state's Legislative Analyst's Office and Director of Finance Ana J. Matosantos. Smaller amounts would be generated in the 2017-18 and 2018- 19 fiscal years.