CO SB089

Creates the educator pay raise program to provide funding to school districts and charter schools to increase minimum teacher salaries to $40,000 annually and minimum hourly wages for other employees to $15 per hour, adjusted annually for cost of living.

Establishes an application process where districts and charter schools demonstrate financial need; the state board of education selects participants prioritizing those with greatest financial difficulty, considering factors like property values, reserves, and current salary levels.

First-year participants receive full program funding for salary and wage increases; subsequent years require increasing matching contributions from the district while program funding decreases, with participants exiting when they have sufficient resources to fund minimums independently.

Creates the educator pay raise fund in the state treasury, funded with the greater of 10% or $15 million annually from public school lands income, beginning fiscal year 2020-21.

Requires the department of education to report annually to the joint education committee starting in 2022 on program implementation, including number of participants, assistance amounts, contributions, and districts ceasing participation.