Craig Harper, Joint Budget Committee Staff, introduced himself
to the committee and began his presentation regarding state and local shares
in the school finance system (Attachment B). Mr. Harper explained the total
sources of revenue, which includes school district property and specific
ownership tax, General Fund support, and other state money contributions.
The statutory formula produces a total program funding for each of Colorado's
178 districts. Statewide total program funding is the sum of those amounts.
The formula does not consider revenue sources. The local share, including
property taxes generated by each district's total program mill levy and
specific ownership taxes paid with vehicle registrations, provides the
foundation for total program funding. Property taxes provide about 93 percent
of the local share. The state share fills the gap between the local revenues
available for school finance and the total program amount for each district.
The budget stabilization factor represents the shortfall in available funding.