HB 24-1207

HB 24-1207 is a Colorado bill that adjusts the school funding budget for the 2023-24 academic year. It acknowledges that there are more students and higher local tax revenues than initially expected, which means schools will receive more total funding. However, it also reduces the state's direct contribution by about $24 million to keep a reserve fund at its original level. The bill has been signed into law and is now effective, meaning Colorado schools will see these changes in their funding starting immediately.

Official Summary

The general assembly recognizes that the actual funded pupil count and the at-risk pupil count for the 2023-24 budget year are higher than expected when the appropriation amount for the state share of total program funding was established during the 2023 legislative session, resulting in an increase in total program funding for the 2023-24 budget year. In addition, local property tax revenue and specific ownership tax revenue are higher than anticipated, resulting in an increase in the local share of total program funding for the 2023-24 budget year. The act declares the general assembly's intent to maintain the budget stabilization factor at the amount of the original appropriation for the 2023-24 budget year. The act decreases the appropriation for the state share of total program funding by $23,964,790 in cash funds from the state education fund and adjusts the 2023-24 state fiscal year long bill accordingly. APPROVED by Governor March 8, 2024 EFFECTIVE March 8, 2024(Note: This summary applies to this bill as enacted.)

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