HB20-1418 Summary

• Reduces statewide total program funding for public schools by approximately $373.5 million for the 2020-21 budget year due to COVID-19 revenue losses, setting funding at $7,230,448,891 (down from $7,603,907,977 in 2019-20).

• Establishes temporary mill levy property tax credit mechanism for districts required to levy more mills than in 2019, and modifies property tax revenue limitations for school finance calculations starting with 2020 property tax year.

• Transfers approximately $120 million from various state education funds (capital construction assistance fund, marijuana tax fund, early literacy fund, teacher funds) to the state public school fund to partially offset general fund reductions.

• Suspends state assessment, accountability, and accreditation rating systems for 2020-21 school year due to COVID-19 disruptions; extends probationary teacher nonrenewal deadline to June 26, 2020 for budget-related reductions.

• Anticipates $157.9 million in federal CARES Act funding ($121 million ESSER, $510 million Coronavirus Relief Fund, $37 million for at-risk students) to support schools' COVID-19 response and recovery efforts.