Committee backs charter school revolving account rule and committee structure

The Finance Committee approved draft R277‑480, which would re‑establish and set implementation guidelines for the charter school revolving account committee and update the loan amounts available to charter schools.

Ben Rasmussen, director of law and professional practice, and Director Yuri (staff lead on charter programs) explained that the legislature removed statutory language that had formerly authorized the revolving account committee; staff proposed placing the committee and guiding language into board rule so that the advisory function could continue. "Staff have recommended that those amounts be updated," Rasmussen said when summarizing the changes to loan dispersal amounts in the draft rule.

Member Randy Booth moved approval: "I would move that the committee approves R277‑480, charter school revolving account draft 1 on first reading and forward to the board for approval on second and final reading." The committee voted in favor and the motion passed; the chair noted member Kelly absent during the roll call.

Why it matters: The change would preserve the advisory committee’s role after the legislature removed the statutory authorization and would update financial parameters for charter revolving loans, which affect charter cash‑flow and start‑up financing.

What happens next: The rule will be forwarded to the full board for second and final reading. Staff said they and the charter office would be available to answer questions from board members prior to that meeting.

Speakers listed in this article are those who presented the draft rule and who moved the committee motion.