Colorado's $46.8 billion budget proposal, explained
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The General Assembly will begin debate this week on a $46.8 billion budget package for the next fiscal year that is marked more by cuts than spending.
State of play: The powerful Joint Budget Committee, which drafts the budget package, worked to the last minute to find new revenue and reduce spending to fill a $1.5 billion shortfall.
- No areas emerged unscathed, with reductions in health care, education, public safety and environmental protections.
What they're saying: "These are a lot of very, very painful cuts, cuts that we didn't want to have to make," state Rep. Emily Sirota (D-Denver) told her colleagues Tuesday.
By the numbers: Here's what to know about the spending proposal that would start July 1.
💰 $46.8 billion: The total size of the state budget, including federal and state dollars.
📈 $17.3 billion: Total discretionary spending — mostly corporate and personal income taxes — in what's known as the general fund.
- It represents a $212 million, or 1.2%, increase from the prior year.
📉 13%: The size of the budget reserve — often called the rainy day fund. At the urging of Gov. Jared Polis, lawmakers lowered the savings account from 15% to allow more spending in the current and next fiscal year.
🏥 $6 billion: The total increase in spending for the Health Care Policy and Financing agency for the next fiscal year to cover rising Medicaid costs. Due largely to rising caseloads, the state added $213 million in discretionary spending, a 4% increase over the current year.
💸 $300 million: The decrease in refunds the state must pay out under the Taxpayer's Bill of Rights in the 2028 calendar year. Instead, lawmakers spent the money on other priorities.
🎓 3.5%: How much higher education campuses can increase tuition for in-state students next year, except for community colleges and select programs that are allowed to hike their rates 5%.
😬 1%: The increase in salaries for most state employees. The state is not providing cost-of-living adjustments next fiscal year.
What's next: Once the legislation is debated in the state House this week, it moves to the Senate for additional consideration.