SB22-039 Summary

• Transfers $723.8 million from the general fund to the state education fund for the 2022-23 budget year to offset education funding reductions

• Eliminates the budget stabilization factor (funding reduction mechanism) starting in the 2023-24 budget year and all subsequent years

• Creates the Hope Scholarship Program allowing eligible Colorado students to receive scholarships of 125% of the statewide average state share of per pupil revenues to use for educational expenses at nonpublic schools, tutoring, special education services, and other qualifying educational costs

• Requires the State Board of Education to contract with an administering entity by February 1, 2023 to manage scholarship accounts and conduct annual audits ensuring funds are spent only on eligible expenses

• Counts Hope Scholarship recipients as part of school district enrollment for funding calculation purposes and allows school districts to instruct the state to transfer portions of their state payments directly to the scholarship program's administering entity