Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Prosperity Denver Fund topic
No spam. Unsubscribe anytime.
Prosperity Denver Fund reports growth and warns reserve will be spent by 2027
Summary
Prosperity Denver Fund told Denver's Health & Safety Committee it has distributed about $65 million since 2019 and that its fund balance, just under $30 million in 2024, is projected to be fully spent by September 2027 unless reauthorized. The fund outlined program growth, measurement plans and a commitment reserve to support current students.
Prosperity Denver Fund leaders told the Denver City Council Health & Safety Committee that the program has expanded its reach but faces a near-term spend-down of its reserve. "Our fund balance is right now, just shy in 2024 of $30,000,000," said Rebecca Arnott, CEO of Prosperity Denver Fund, and she added the board's projections show the balance could be exhausted by September 2027.
The fund, financed by a dedicated 0.08% Denver sales tax, supports three tracks: college and technical school scholarships; credentials and apprenticeships; and high-school support services. Arnott told council members the Fund has worked with 89 partner organizations and has distributed about $65,000,000 since its 2019 inception, including more than 15,000 scholarships and roughly 1,100 credential awards.
Why it matters: the Fund helps students enter and complete postsecondary programs and apprenticeships that council members said are tied to workforce outcomes and keeping families in Denver. "This is commitments to young people," said Council Member Sadana Gonzalez Gutierrez during the briefing, urging the Fund to explore every legal and administrative option before pursuing voter reauthorization.
The Fund described recent growth and shifting program priorities. Arnott said college scholarships rose about 12% year-over-year while investments in credentials and apprenticeships increased roughly 86%, citing a partnership with Emily Griffith as a major contributor. High-school support services decreased in the most recent cycle because the program applied a 20% cap of revenue for that track.
Prosperity Denver also described steps to strengthen measurement, including creating cohorts of partner organizations, funding evaluation studies and issuing an RFP for an economic-impact study slated for later this year. "We are going to be conducting an economic impact study and have an RFP out in the field for that," Arnott said, adding the Fund will expand partners' capacity to track student outcomes.
Board planning and reauthorization: the board said it created a commitment reserve so students who start college before the program sunsets can complete their studies. Under current ordinance language the program is scheduled to sunset in 2030 if not reauthorized; Teresa Pena, board chair, said the board has begun planning for a reauthorization effort and will gather data to present to voters if needed. Council members advised the Fund to consult the city attorney's office and exhaust alternative paths before placing a reauthorization measure on the ballot, citing precedent from past local programs.
Next steps: Prosperity Denver said it will continue district-level outreach with council members, provide communications materials for council newsletters, pursue the evaluation work, and return with further detail as the board refines a reauthorization strategy. The committee did not take any formal votes at the briefing.
