SB 25-113

Senate Bill 25-113, which has been signed into law, addresses changes in school funding for the 2024-25 budget year. It acknowledges that there are more students than expected and less local property tax revenue available, leading to a need for additional state funds. To help schools, it increases the state's contribution by $64 million to cover these unexpected costs. This bill affects school districts across Colorado and ensures they have adequate funding despite lower-than-expected local revenues.

Official Summary

The general assembly recognizes that for the 2024-25 budget year, the actual funded pupil count is higher than anticipated when the appropriation was established in the 2024 legislative session for total program funding for the 2024-25 budget year. In addition, local property tax revenue and specific ownership tax revenue are lower than anticipated, resulting in a decrease in the local share of total program funding for the 2024-25 budget year. The act declares the general assembly's intent to increase the state share of districts' total program funding by $64,076,611 for the 2024-25 budget year. The act adjusts a repeal date for the total program reserve fund. (Note: This summary applies to this bill as enacted.)

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