SB 23-287: Public School Finance Summary

• Sets statewide base per pupil funding at $8,076.41 for 2023-24 budget year, with $598.25 supplementing for inflation

• Maintains budget stabilization factor through 2023-24 budget year with minimum total program funding of $9,101,600,922, then eliminates it starting 2024-25

• Appropriates $30 million for additional rural school funding (55% to large rural districts, 45% to small rural districts) and $23.3 million for mill levy override matching

• Establishes public school finance task force to examine and recommend improvements to school finance formula regarding simplicity, equity, adequacy, and student-centered funding by January 2024

• Provides $10 million for preschool providers, $500,000 for gifted education universal screening, and extends free lunch programs to facility school students