DENVER—Gov. John Hickenlooper signed proposals to allocate more money to Colorado schools than what lawmakers originally thought possible.
The bill signed Thursday is a bipartisan compromise restoring $22.5 million to schools next year by transferring surplus money from the state’s education fund, a sort of savings account funded by income taxes. Another $67.5 million would be safeguarded to prevent future cuts to the neediest schools.
Lawmakers say the additional funding is possible because of better-than-expected tax revenues.
The bill sponsored by Republican Rep. Tom Massey and Democratic Sen. Bob Bacon is the annual school finance act.
Hickenlooper initially proposed cutting education funding by $332 million next year because of a budget shortfall. Lawmakers brought the figure down to $250 million before the additions by the school finance act, which reduced the cut further.
