CO SB259

Authorizes school districts to seek voter approval for a mill levy override to raise additional local property tax revenues for the district's general fund, effective July 1, 2011, with revenues known as the Colorado's Vision of Tomorrow's Education (C-VOTE) mill levy override.

Requires districts to raise at least $300 per pupil through the C-VOTE mill levy override to be eligible for state matching funds, with a maximum levy of 8 mills.

State matching funds are calculated by adding $300 to the statewide base per pupil funding, calculating the district's total program without the negative factor, multiplying by 4.5%, then subtracting actual local property tax revenues received from the mill levy.

Districts must distribute comparable portions of additional property tax revenues and state matching funds to their charter schools based on per pupil revenues each charter school receives.

State matching funds can only be appropriated from the State Education Fund if the fund's available balance at the beginning of the budget year is at least $50 million.