Hickenlooper to sign school funding bill

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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.