Director of Communications
Colorado Education Association
FOR IMMEDIATE RELEASE
May 1, 2023
Educators, Students, and Public Schools Win Crucial Investment
School Finance Act Passes with $180 Million Towards B.S. Factor Buydown
DENVER, CO – Thousands of Colorado educators and their supporters have signed petitions, called and emailed their elected officials, talked to legislators at the Capitol, and shared with Colorado leadership what an underfunded education system has meant for them and their students.
The School Finance Act that passed today shows that our legislators listened.
The 2023-2024 School Finance Act buys down the B.S. Factor by $180 million – a figure that is more than five times the original estimate outlined in Governor Jared Polis’ initial budget proposal late last year. This is a monumental victory for Colorado educators, students, and communities, and a critical infusion of funding for our public schools.
Some highlights of the School Finance Act include:
- $180 million dedicated to buying down the Budget Stabilization Factor; and a public commitment to fully buy down the Budget Stabilization Factor in 2024
- $30 million of additional funding for rural schools
- A new task force to study the modernization of the School Finance Act
- An adequacy study tasked with determining how much funding is needed to provide all Colorado students with an exemplar education
Said Baca-Oehlert: “To each one of the hundreds of educators who took hours and days out of their crowded schedule to text, email, call, or travel across our state to share their story: Know that you have made a huge difference. This School Finance Act is a critical first step to creating a sustainable, fully-funded public education system.“
“We are also encouraged by legislative leadership’s announcement today of a property tax relief package. Affordable housing is a critical component of our educators’ success, and the success of all of our communities. Where affordable housing is hard to find, so are educators. This property tax relief legislation will protect the funding of valuable entities in our state, like our schools, while giving Coloradans some much-needed tax relief in these financially uncertain times.”
“While the property tax relief legislative package, in conjunction with the School Finance Act, is a great step in the right direction, it’s important to note that even with these investments Colorado’s school funding will still be far below the national average.”
“Colorado’s future depends on enacting a long-term, systemic fix which will provide additional revenue sources for our public school system. Until such change is enacted, our schools, our educators, our students, and all Coloradans will continue to be short-changed. The only way to ensure that we have the education system worthy of our students and educators is to dedicate ourselves to a sustainable long-term investment.”
About the Colorado Education Association
The Colorado Education Association is the voice of 39,000 educators, working together in a strong union to ensure all students get the exceptional public schools they deserve, in every neighborhood across the state. As Colorado’s largest labor union, CEA works collectively with all education stakeholders to ensure Colorado’s standing as an excellent state in which to learn, live, work, and raise a family.