22-30.5-513.1. Mill levy equalization - fund created - legislative declaration - definitions.

Statute text

(1) The general assembly finds that school districts receive significant operating revenue from mill levies that are in addition to the school districts' total program mill levy. This additional revenue helps school districts offset the effects of the budget adjustment imposed by section 22-54-104 (5)(g). The general assembly further finds that institute charter schools do not have access to additional revenue from a local property tax mill levy. The general assembly finds, therefore, that it is appropriate to consider additional state equalization funding for institute charter schools.

(2) (a) The mill levy equalization fund, referred to in this section as the "fund", is hereby created in the state treasury. The fund consists of any amount that the general assembly appropriates to the fund pursuant to subsection (2)(a.5) of this section or may additionally appropriate or transfer to the fund. The state treasurer shall credit to the fund all interest and income derived from the deposit and investment of money in the fund.

(a.5) (I) Beginning in the 2024-25 budget year and each budget year thereafter, the general assembly shall appropriate from the general fund the amount necessary each budget year to fund full mill levy equalization for all institute charter schools for the applicable budget year.

(II) The amount required to fund mill levy equalization for all institute charter schools is determined in accordance with the following formula:

 

(The accounting district's total additional mill levy revenue / the accounting district's funded pupil count) x Each institute charter school's funded pupil count

(III) As used in this subsection (2)(a.5), unless the context otherwise requires:

(A) "Accounting district's funded pupil count" has the same meaning set forth in section 22-30.5-513 (1)(e).

(B) "Additional mill levy revenue" has the same meaning set forth in section 22-32-108.5 (2)(a).

(b) The institute shall annually distribute the money appropriated or transferred to the fund to the institute charter schools on an equal per-pupil basis; except that, in any budget year, an institute charter school shall not receive a per pupil amount that is greater than the total amount of additional mill levy revenue, as defined in section 22-32-108.5, that the accounting district for the institute charter school is authorized to collect, divided by the funded pupil count, as defined in section 22-54-103, of the accounting district for the applicable budget year. The money distributed pursuant to this section is in addition to money distributed to institute charter schools pursuant to section 22-30.5-513. The institute has continuous spending authority over all interest and income in the fund.

History

Source: L. 2017: Entire section added, (HB 17-1375), ch. 287, p. 1598, 9, effective June 2. L. 2023: (2) amended, (SB 23-287), ch. 189, p. 935, 22, effective May 15.

Annotations

Cross references: For the legislative declaration in SB 23-287, see section 1 of chapter 189, Session Laws of Colorado 2023.