DENVER, CO – The House Education Committee today passed the 2024 School Finance Act to fully fund Colorado’s public schools and increase per pupil funding to record-levels. SB24-188, sponsored by Representatives Barbara McLachlan and Shannon Bird, sets funding levels for Colorado’s public school districts and fully eliminates the Budget Stabilization Factor (BSF), which has restricted funding for Colorado’s K-12 public education funding for more than a decade.
“This year’s School Finance Act is historic; not only does it fully eliminate the budget stabilization factor to fund our schools and increase per-pupil funding by nearly $420, it also streamlines support to our rural school districts,” said Rep. Barbara McLachlan, D-Durango. “We’re committed to improving educational outcomes for each and every student, and recruiting, retaining and supporting the educators who make all the difference in the education our kids receive. I look forward to continuing our work to drive additional resources to small rural schools and those who serve students with the greatest needs.”
“The 2024 School Finance Act pays off the budget stabilization factor, which means Colorado will be up-to-date with our constitutional requirements, and our school districts will benefit from more funding immediately,” said Rep. Shannon Bird, D-Westminster. “Together, we’re on a path forward to reduce class sizes, increase teacher pay and better support our students with disabilities. The 2024 School Finance Act highlights a record-breaking increase of nearly $420 per-pupil funding which brings the total per-pupil funding to more than $8,400. My passion for making a difference in my community began with the desire to fully fund our K-12 public schools, and this bill fulfills that promise and invests more to support every student in Colorado.”
SB24-188 would raise the base level of per-pupil funding by nearly $420 to $8,496 per-pupil. This funding can be used to reduce class sizes, increase teacher pay and provide individualized support to help students learn. This year, the bill increases total funding for public schools by more than $500 million to 9.7 billion and completely buys down the Budget Stabilization Factor, a longstanding goal that will ensure Colorado students get the quality education they deserve. SB24-188 passed committee unanimously.
Increased Funding for Rural Schools: Colorado’s small and large rural school districts often have a difficult time recruiting and maintaining a high-quality workforce needed to support Colorado students and school functions. The 2024 School Finance Act creates an ongoing funding stream for the very first time through a new funding factor, the “Rural Factor”, for small and large rural school districts. This eliminates rural school districts’ reliance on one-time funding, which makes it difficult for districts to plan ahead using multi-year budgets.
Ninth Grade Success Program: This important program helps ninth grade students with the skills they need to successfully reach tenth grade on-track, on-time and with their peers. This year’s School Finance Act increases funding for this program by 60 percent (from five percent to eight percent) to support our students growth and educational trajectory.
Support for Students Living with a Disability: To prepare each and every one of our students for a lifetime of success, the 2024 School Finance Act amends the definition of “concurrent enrollment” to include students in special education. This means students living with a disability and those who receive transition services on their Individualized Education Program (IEP) can access college-level courses for credit as well as some credential and apprenticeship programs to create stronger workforce pathways and opportunities.
