Most Steamboat schools funding comes from local sources
March 21, 2010
Steamboat Springs School District 2010-11 budget highlights
The Steamboat Springs School District has indicated that it will have to cut about $2 million from the 2010-11 school year budget. The reduced revenue and increased expenses include:
■ A $1.148 million reduction to the finance formula, which determines the amount of money the district receives from the state based on per-pupil funding.
■ A $427,000 reduction in projected gifts from the Education Fund Board because of less sales tax revenue and the funding now being shared with Hayden and South Routt.
■ A $96,000 increase to the Public Employees’ Retirement Association, which provides the district’s employee retirement benefits.
■ A $6,000 increase to the district’s employee health insurance benefits. Each Routt County school district projects employee health and retirement benefits to increase.
■ A $300,000 allocation for unemployment insurance. This year, the district budgeted $65,000 for unemployment, more than any other year.
■ Other factors make up the rest of the $2 million, including the district projecting to collect less fees and earn less interest from its bank accounts.
Legislation and voter-approved amendments that affect school funding
■ Gallagher Amendment (1982) — Shields homeowners from significant property tax increases from rapidly rising home values to keep homeowners’ share at 45 percent.
■ Taxpayers Bill of Rights (1992) — TABOR requires voters to approve tax increases and limits revenues to the increase in population plus inflation.
■ Amendment 23 (2000) — Requires per-pupil funding for K-12 education to increase by inflation plus 1 percent each year through 2011 and by inflation each year after.
■ Referendum C (2005) — Called a “Time-out from TABOR,” it allows the state to retain all revenues it collects from 2005 to 2010 regardless of the TABOR limit.