Committee approves list of BEST projects to be financed; five projects presented for certificates of participation

The Capital Development Committee voted unanimously to approve the fiscal year 2025–26 list of BEST (Building Excellent Schools Today) projects that the State Board of Education is asking to finance via certificates of participation.

Andy Stein, Director of Capital Construction at the Colorado Department of Education, told the committee the BEST program is competitive and funds health, safety and security projects for public school facilities statewide. "The Building Excellence Schools Today grama program is a competitive program that focuses on improving health, safety, and security in Colorado schools," Stein said. He said the program has produced more than $4 billion in school improvement projects since fiscal year 1989.

Stein told the committee that the Capital Construction Assistance Board reviewed 53 grant applications totaling about $935 million in construction projects and that available cash grants this year were about $105 million. House Bill 24 14 88 (as cited in the presentation) increased the program’s allowable debt capacity, and with that capacity the program expects about $83 million in state share to finance through certificates of participation in coordination with the treasurer’s office. The State Board of Education approved all 53 projects and 14 of those are currently fundable; five projects are before the Capital Development Committee because they would be financed rather than fully funded with cash grants.

Committee members asked for the full list of 14 projects above the funding line and how backup projects would be handled if bond elections fail. Stein said that if a district’s bond election fails, funding would be reallocated down the prioritized list to backup projects. Senator Heinrichson and others asked about the program’s equity mechanisms and how rural districts are considered; Stein said the BEST scoring includes factors to lower district match requirements for lower assessed valuation and higher percentages of free-and-reduced-price lunch, and noted statutory caps limit required local match to a district’s remaining debt capacity.

Senator Malika moved to approve the list; the clerk recorded votes with Senator Henriksen marked "with reservation, yes." The motion passed on a unanimous vote of 6 to 0 (one yes recorded "with reservation").

Committee members expressed interest in reviewing the full prioritized list and in future committee travel to visit schools that have benefited from BEST funding to see outcomes.