Colorado revises finance school formula

Governor Jared Polis of Colorado made a historic move on Thursday, May 23, by signing a bipartisan bill that will revolutionize the state’s school finance formula. The law, HB24-1448, marks the first significant update to the formula in 30 years, shifting the focus from district-centered factors to student needs.

The new formula, which prioritizes putting students first, takes into account various factors such as size, online funding, locale factors, cost of living, and at-risk fundings. Assistant Majority Leader Jennifer Bacon emphasized the importance of this update, stating that it is a crucial step towards meeting the needs of vulnerable students, including at-risk, English Language Learners, and special education students.

The implementation of the recommendations from the School Finance Task Force will simplify the formula and highlight student needs. Individuals can now use the school finance simulator to see how each school district will be impacted by the new formula.

Starting in the 2030-2031 fiscal year, the new formula will determine the annual total program amount for each district and institute charter school. In the years leading up to that, from 2025-26 through 2029-30, the annual program amount will be calculated under both the new and expiring formulas.

This groundbreaking update to Colorado’s school finance formula is a significant step towards ensuring that every child in the state has access to high-quality education and opportunities for success.