SB 22-202 Summary

• Creates the Mill Levy Override Match Fund with $10 million in initial state funding and establishes a state matching grant program for school district property tax revenue beginning in the 2022-23 budget year.

• Distributes state match payments to eligible school districts and eligible institute charter schools in June of each fiscal year, with match amounts calculated based on each district's override mill capacity relative to its maximum override mills.

• Calculates override mill capacity using five-year average median household income data, with districts having lower median incomes receiving proportionally higher state matching percentages (formula ranges from 15 to 35 mills).

• Requires the Department of Education to reduce state match payments proportionally if appropriated funds are insufficient to fully fund all calculated distributions in a given budget year.

• Appropriates $10,041,238 for the 2022-23 fiscal year ($10 million from the new mill levy override match fund and $41,238 from the general fund for administration).