SB 24-017

Senate Bill 24-017 changes how the state of Colorado distributes funding to school districts. Instead of making 12 equal monthly payments, the state will now adjust these payments throughout the year based on when each district expects to receive property tax revenue. This means that districts can better manage their cash flow by receiving more money in months when they need it most. The bill took effect on April 4, 2024, after being signed into law by the governor, and school districts have the option to opt out if they prefer the old distribution method.

Official Summary

Under current law, the state distributes its share of a school district's total program funding in 12 approximately equal monthly payments during the budget year. The act changes this distribution schedule so that unless a school district opts out, the state distributes its share of a school district's total program funds in a pattern over the course of the budget year that considers the projected timing of when the district will receive the property tax component of its local share of its total program funding and is as equal as possible each month when combined with the property tax component of its local share. APPROVED by Governor April 4, 2024 EFFECTIVE April 4, 2024(Note: This summary applies to this bill as enacted.)

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