Gov. Jared Polis has unveiled his budget proposal for the upcoming fiscal year, and it looks like Colorado may finally get some long overdue relief from the economic struggles of the past year. After 14 years, the governor is seeking funds to pay off the debt to K-12 schools, a promise he made to voters last year.

Recent revenue forecasts have shown a glimmer of hope for the state's fiscal future, with an estimated $1.195 billion in additional general fund revenues available to spend. This is almost $23 million more than anticipated expenses, according to the September revenue forecasts.

Along with fulfilling his promise to pay off the K-12 debt, Polis has also proposed a significant increase in funding for education. This includes an average of $705 more per pupil, on top of last year's increase of $1,019 per pupil. The governor has also prioritized public safety, with a focus on reducing auto theft, preventing gun violence, and supporting victims' rights.

But it's not all good news from Polis, who is also seeking funding for controversial housing initiatives. This includes $65 million for new housing near transit, a failed attempt from the previous legislative session.

 “It is nice to see the Governor can add, I would like to see if he can subtract,” said House Minority Leader Mike Lynch (R-Wellington.) “I would also like to remind the Governor that there is more to Colorado than just the Denver Metro Area. Coloradans across this state are experiencing a cost-of-living increase that is largely due to the housing market, yet this proposal only benefits select communities that are along RTD routes.”

While the governor claims this funding will work with local governments, some have criticized his approach in contrast to a recent bill that would have centralized decision-making around transit-oriented housing.

Other budget priorities for Polis include support for science education, work-based learning, and increased access to health care services. But Republican JBC member Sen. Barbara Kirkmeyer has criticized the governor for failing to address income tax relief, a promise he has repeatedly made in his annual address to lawmakers.

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While Senate Minority Leader Paul Lundeen did commend Polis for prioritizing funding for students and teachers, he also questioned the governor's proposal to hold onto $2.3 billion in reserves. Lundeen argued that these reserves should be tapped to provide property tax relief in case the property tax cut Proposition HH is defeated next week.

The Joint Budget Committee will now review Polis' budget proposal, with deliberations beginning on Nov. 16th.