HB 24-1394

House Bill 24-1394, titled "Mill Levy Equalization," changes how Colorado funds charter schools. It removes the previous fund used for this purpose and instead directs money from other state education funds directly to the State Charter School Institute to support charter schools financially. The bill also adjusts specific funding amounts within these transfers. Signed into law by the governor on April 18, 2024, it is now effective immediately, meaning that starting in the 2024-25 budget year, charter schools will receive their mill levy equalization funds differently than before.

Official Summary

Current law requires the general assembly to appropriate or transfer money to the mill levy equalization fund (fund) for institute charter school (institute) funding. The act repeals the fund. For the 2024-25 budget year and each budget year thereafter, the general assembly shall appropriate money from the general fund or the state education fund to the state charter school institute to fund full mill levy equalization for all institute charter schools. Appropriations made in the annual general appropriation act for the 2024-25 state fiscal year to the department of education for use by the state charter school institute are adjusted as follows: The cash fund appropriation from the fund for institute mill levy equalization is decreased by $735,000; The reappropriated funds appropriation from the fund for institute mill levy equalization is decreased by $49,220,696; The general fund for institute mill levy equalization is decreased by $22,000,000; and The cash funds appropriation from the state education fund for institute mill levy equalization is increased by $22,000,000. APPROVED by Governor April 18, 2024 EFFECTIVE April 18, 2024(Note: This summary applies to this bill as enacted.)

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