Colorado Economic Recovery and Accountability

Press Release - Recovery Act Funds for CO Education Programs

FOR IMMEDIATE RELEASE
FRIDAY, JUNE 12, 2009

Contact:
Myung Oak Kim 303-947-5708, Myung.kim@state.co.us

Gov. Ritter Praises Release of Recovery Act Funds to Colorado Dollars Will Help Maintain Education Programs, Budget Funding

Gov. Ritter today praised the quick release of $509 million in federal funding to help maintain K-12 and higher education programs across Colorado.

On June 10, the U.S. Department of Education approved the state's application for $760 million of State Fiscal Stabilization Fund dollars and released 67 percent, or $509 million, for use in Colorado. The state expects to receive the remaining $251 million this fall.

"These Recovery Act dollars help keep teachers in the classroom and keeps college affordable during this difficult economy," Gov. Ritter said. "This is another example of how the state is moving quickly to take advantage of the available federal funds for the benefit of all Coloradans."

The State Fiscal Stabilization Fund is a Recovery Act program that is designed to help state and local governments preserve school programs in the face of dwindling revenue during the recession. Funds will benefit local school districts and public colleges and universities across the state.

Colorado will allocate $452 million of the new funds to public colleges and universities and $170 million to public schools. Approximately $70 million is dedicated to balancing the state General Fund, and $10 million will be used to help Colorado qualify for Race to the Top education reform grants. The remaining $58 million will be set aside for use if revenue drops further and funds are needed to maintain the budget.