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Creede School Board 07/27/2019

Creede School Board 07/27/2019. Tracie Rainey, Executive Director Colorado School Finance Project. Colorado School Finance Project (CSFP) Who are we? What do we do?. Non-profit, non-partisan Supported by school district contributions

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Creede School Board 07/27/2019

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  1. CreedeSchool Board07/27/2019 Tracie Rainey, Executive Director Colorado School Finance Project

  2. Colorado School Finance Project (CSFP)Who are we?What do we do? • Non-profit, non-partisan • Supported by school district contributions • School finance analysis for local and state policy makers since 1995. Mission: To compile, collect and distribute research-based, non-partisan information and data on topics related to school finance for state and local policymakers.

  3. How are school districts funded? • School Finance Act 1994 • Goals of the Act • Revenue Sources • Challenges over time • Changes being discussed • Legislatively • Citizen’s initiatives • Referred measures

  4. What are the revenue sources for school districts? • Local property tax and specific ownership tax – 1st dollars in • State backfills difference to reach legislative School Finance Act (income tax and sales tax) • Categoricals – state dollars that fund: • Special education, students learning English, Gifted & Talented, transportation, Career & Technical Education • Federal dollars – 6% • Local override dollars – vary by district • One-time dollars or grants

  5. What has complicated the funding issues forColorado? • Gallagher – 1982 • Stabilized local property tax revenue • Balance between residential and non residential • TABOR – 1992 • Limited revenue & spending • Undid balance of Gallagher

  6. State & Local Share Varies (by design) District A District B LOCAL SHARE Local District Taxes: Property Taxes Ownership Tax LOCAL SHARE Local District Taxes: Property Taxes Ownership Tax STATE SHARE State Taxes: General Fund Education Fund STATE SHARE State Taxes: General Fund Education Fund

  7. Colorado’s PK-12 students as it interacts with the state budget • 2018-19: Over 911,000 students • Growth is slowing • Student need continues to grow slower • Freeing up proposed budgeted dollars during supplemental process that could go to K-12 or to the state-state won

  8. Students learning English are 14% of population • approximately $.20 of every $1.00 is state funded. Students of poverty are 41% population • approximately $.30 of every $1.00 is state funded. Student need has changed: Requires more services & this costs money Gifted students are 7% of population • approximately $.15 of every $1.00 is state funded Students with special needs are 11% of population • approximately $.30 of every $1.00 is state funded.

  9. State budget conditions have changed • Revenue continues to grow both in General Fund and Cash Funds – creating larger TABOR refunds • Inflation rate is lower than anticipated • Residential Assessment Rate change • Residential values strong • Does K-12 benefit?

  10. District challenges remain • Urgency of funding has only increased in many communities – disparities grow wider • Underfunding of student populations • Debt owed to K-12 • Rural issues • Recruitment, retention and salaries continue to be challenging

  11. Discussions for this fall and in 2020 • Ref CC • School Finance Interim Committee • Mill Levy equalization • 2020 ballot questions • States projected budget

  12. Ref CC • Allows the state to keep revenue above the current formula and to divide these dollars equally between K-12, higher education and transportation. • There would be a yearly audit to ensure that dollars were allocated for the intended uses.

  13. School Finance Interim Committee • This summer is the 3rd year for this committee • Will meet 4 more times between August and January • Unknown if any legislation will come forward for the 2020 session

  14. Assessed Valuation • Wide variance • Goals of 1994 – 40 mills and 50/50 split • School districts have no control of the residential/non split • Mills inside the formula • Mills outside the formula • What are the new tax policy goals? • Is their added benefit to K-12? • What are options for districts? • How long do districts have to make changes? • Will the state power equalize? • What is criteria for power equalizing?

  15. TotalAssessed Value FY 2018-19

  16. Assessed ValuePer PupilFY 2018-19

  17. TotalProgramMillsFY 2018-19

  18. Mill Levy OverridesFY 2018-19

  19. Bond Redemption MillsFY 2018-19

  20. Questions: Now & Later • Tracie Rainey T.Rainey@cosfp.org 303-860-9136 • Stay connected: www.cosfp.org @COSFP Colorado School Finance Project - Facebook

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