Posted: Jun 9, 2011 4:36 AM by Kate Richards
DENVER (AP) - Gov. John Hickenlooper will sign a bill that allocates more money to schools than originally expected.
The bill Hickenlooper signs Thursday is a bipartisan compromise among lawmakers that restores $22.5 million to schools next year by transferring surplus money from the state's education fund, a sort of savings account for education funded by income taxes. Another $67.5 million would be safeguarded to prevent future cuts to the neediest schools.
The bill is the annual school finance act.
Lawmakers say the additional funding is possible because of better-than-expected tax revenues.
Hickenlooper initially proposed a $332 million cut to education 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.