COLORADO SPRINGS — A new state law will essentially 'free up' $660 million across most school districts and charter schools in Colorado.
The law will distribute state funding more evenly throughout the year.
In the past school districts had to save the property tax money they got in March, May and June for the whole year. Now, school districts will receive property tax money evenly throughout the year.
Lewis-Palmer School District 38 in Monument plans to use the $8 million they have in savings to expand its career and technical education, with cyber-security and A-I programs.
"Our key priority is actually teacher pay but since this doesn't reoccur on an annual basis, these funds will be used for some type of capital improvement," said the school board treasurer, Ron Schwarz.
School districts and charter schools in El Paso County were saving about $146 million, which they can now use however they please.
"About 80 to 85% of everything we spend is on our employees and labor and most of them get paid on a twelve-month model so this makes life a ton easier," said Schwarz.
The district's chief business officer, Brett Ridgway helped to craft the bill. "Doing this work to benefit our students and I knew it was going to benefit 800,000 other students in the state so that was worthwhile to do."
This law means schools across the state can spend about $800 per student.
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