cbs4

Local

Hickenlooper Signs Bill Increasing Budget Reserves

View Comments
(credit: ThinkStock)

(credit: ThinkStock)

DENVER (AP) – Colorado’s rainy day fund will grow again with a bill signed into law by Democratic Gov. John Hickenlooper.

The legislation increases the state’s general fund reserves from 5 percent to 6.5 percent to $576.4 million. During the recession, the reserves dipped to about 2 percent.

Hicknelooper said Monday before he signed the bill that increasing Colorado’s rainy day fund “creates a safety net for the state” for emergencies or the next economic downturn.

The total general fund, which is made up of tax revenue, will be about $8.7 billion next fiscal year, which begins July 1. The state’s total budget for next year is about $23 billion. That figure includes federal and state funds.

Lawmakers last week approved the budget for the 2014-15 fiscal year. Hickenlooper has yet to sign it.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

More Colorado Budget Stories

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,395 other followers