HB16-1422 Summary

• Sets statewide base per pupil funding at $6,367.90 for the 2016-17 budget year, consisting of $6,292.39 with a $75.51 inflation adjustment.

• Establishes minimum total program funding for all districts and institute charter schools at $6,394,528,931 for 2016-17 after application of negative factor adjustments.

• Creates a total program reserve fund allowing districts to deposit property tax revenues and use funds only to offset state share reductions caused by negative factor applications.

• Requires school districts to provide charter schools with itemized accountings of central administrative overhead costs, district services costs, and special education costs within ninety days of fiscal year end.

• Expands institute charter school autonomy by making them local public bodies subject to open meetings requirements and allowing continued authorization regardless of subsequent local board actions unless the school voluntarily converts to district charter status.