Colorado state budget concerns cast shadow over special session on property taxes
Gov. Jared Polis calls his proposed spending plan for next year a return to a “normal Colorado budget.”
On Thursday, lawmakers on the state’s powerful Joint Budget Committee got a taste of what that actually means.
Creative solutions to balance the state’s $16 billion general fund. Little margin for error. And rising concern about what programs the state can afford in the future, as federal pandemic relief dollars dry up and lawmakers try to keep their promise to fully fund Colorado’s school finance obligations.
Legislative budget staff on Thursday presented the budget-writing committee with their independent assessment of Polis’ proposal, which he released earlier this month.
One troubling takeaway: If Legislative Council Staff forecasts are correct, the state would face a $44 million budget shortfall this year, and fall an additional $330 million short next year.
“The take-home message here is that under LCS forecasts, the budget does not appear to be balanced as submitted,” said Craig Harper, the new JBC staff director.
Notably, Harper added, this year’s budget was based on separate economic forecasts from the governor’s budget office, which do show a balanced spending plan in both years. And, he cautioned lawmakers not to put “too much stock” in today’s estimates, anyway. There are months to go before lawmakers have to adopt the 2024-25 fiscal year budget in the spring.