A $25 billion Colorado budget with taxpayer refunds and more funding for education is headed to the governor’s desk after state lawmakers gave final approval to the spending plan Friday.
The Democrat-controlled House approved a $25 billion budget Thursday that includes funding increases for education, transportation, and money earmarked for surplus tax refunds – a sign of the state’s continuing economic gains.
Democratic Gov. John Hickenlooper told lawmakers Colorado faces fiscal challenges in the coming years, but he stopped short of directing them to go to voters to allow the state to keep budget surpluses that must be refunded.
Colorado is among the top 10 states most reliant on income taxes for revenue, according to a new report concluding that income inequality is contributing to slower economic growth nationally.
A new report from the federal government shows consumer spending in Colorado has increased since the Great Recession ended in 2009.
Colorado unemployment dropped to 6.0 percent in April, the lowest level the state has seen since the beginning of the recession.
Large, destructive wildfires and historic flooding put a dent on Colorado’s finances, influencing Gov. John Hickenlooper’s latest budget proposal Friday, but the state is doing well enough that colleges and schools will see more funding.
There was a big milestone for the real estate recovery in Denver. Home prices broke a record in May for the first time since the market crashed.
The governor’s economists say Colorado’s employment levels are back to where they were before the recession and tax receipts continue to exceed expectations.
Gov. John Hickenlooper told lawmakers Wednesday to remain cautious while preparing the state budget because Colorado’s economic recovery could be impacted by federal cuts and worldwide forces.