Just 20% of the state’s school buildings are in satisfactory shape or better, while the other 80% would need “repair, renovation or replacement” to get to that level, according to a report released Thursday.

The report from Comptroller Brooke Lierman said that the state needs to improve its school facilities if it wants to keep its reputation for top-ranked schools, but that doing so will require “a statewide reimagining of funding formulas and revenue streams.” The report did not make recommendations on that reimagining, however.

The report is part of the comptroller’s “State Spending Series” that assesses costs on various projects, impacts on the state and other economic factors. The first report, in March, focused on transit and the second, released in April, on climate change.

Thurs

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