Dear DPS Community,
During the 2024-25 school year, the Office of Finance achieved some truly great milestones:
Passage of the 2024 Bond with Overwhelming Support
With over 75% of Denver voters saying “yes,” our community affirmed its trust in our stewardship of public funds and its belief in the future of our students and schools. This is a major investment for our students and educators and the largest in DPS history at $975M. The entire Denver community came together starting with the Community Planning and Advisory Committee (CPAC) which helped prioritize the projects that will be completed over the next four years. The focus on transparency will continue over that period with regular report outs to the Bond Oversight Committee (BOC). The BOC is a committee of citizens who regularly monitor the district’s progress to ensure that the promises we made in 2024 Bond are kept while our projects are completed over the next four years.
Credit Rating Upgrade to AAA by Moody’s Investor Services
Achieving the highest possible rating from Moody’s is a rare accomplishment for a school district. It reflects our strong financial management and positions DPS to borrow at the most favorable rates, stretching every dollar further for our students. While the credit rating is not simply a reflection on management, and there are often overarching economic factors that can impact this rating, the strong financial position of DPS over many years is what led to the most recent upgrade by Moody’s.
Clean Financial Audit
DPS once again had an unmodified or “clean” audit. This is a reflection of our rigorous standards, sound internal controls and transparency in financial reporting. This is one of the required but important parts of our work and it is a message to the community that we operate with integrity and our financial statements can be trusted to be accurate and reflect the strong financial position of DPS. While the accounting team is primarily responsible for this work, every part of the Financial Services team contributes to the accuracy of these statements.
Successful SchoolChoice Process
DPS Finance played a key role in ensuring a smooth, equitable, and transparent SchoolChoice process, helping families find the right-fit schools and strengthening confidence in the district’s operations.
Publishing the District’s Strategic Regional Analysis
Each year, the DPS Planning team researches historical trends and forecasts future enrollment, demographic shifts and other core trends to help DPS plan for the future. This type of work is uncommon for school districts and puts DPS in the enviable position of being able to plan for future needs before it is too late. This work is deeply researched and an asset not just to DPS but the Denver community as a whole.
Close-out of Federal COVID-19 ESSER Funds
DPS spent over $200M in Federal ESSER stimulus funds, which are funds that responded to the impacts of the COVID-19 pandemic. These funds address needs in the heart of the pandemic including personal protective equipment and technology for students to learn remotely. As the years passed, those expenses turned to additional summer school, mental health support and efforts to re-engage students who missed services during the pandemic. DPS successfully spent all the allocation and did so in a way that does not create a financial cliff in coming years.
Each of these accomplishments is significant on its own. Taken together, they represent one of the most impactful years this department has had—and they are a direct result of skill, resilience, and teamwork in the Financial Services Team at DPS.
Looking Ahead: A Year of Challenge and Opportunity
As we look to the years ahead, we know we will face significant headwinds. The permanent reduction of federal funding from the Department of Education, anticipated enrollment declines, and continued uncertainty in state education funding will all require thoughtful planning and difficult decisions. These revenue challenges will undoubtedly bring contentious conversations in the years ahead, but we will face those with our students’ wellbeing in mind.
The road ahead will not be easy—but it is one we can face those challenges with confidence knowing we are starting on a solid foundation.
Thank you to the DPS Finance team for their commitment to the students of Denver Public Schools.
Best,
Chuck Carpenter
DPS Chief of Finance