Building Upon Bold Investments to Secure Today & Invest in Tomorrow: Gov. Polis Submits Balanced Supplemental Budget Request

Tuesday, January 3, 2023

DENVER -  Today, Governor Polis and the Office of State Planning and Budgeting (OSPB) submitted a package of requests for supplemental adjustments to the FY 2022-23 budget and amendments to the November 1, 2022 budget request for FY 2023-24 to the Joint Budget Committee. The Governor’s Nov. 1, 2022 budget request doubles down on the administration’s commitment to make Colorado state more affordable, safer, cleaner, and prepared for a natural disaster or financial rainy day. 

“I’m honored by the support we have received from Coloradans to serve our great state for another four years, and I’m committed to upholding the promises made to them and delivering real results. This proposal addresses the most pressing issues we face as a state and supports our bold goals for a second term,”  said Governor Polis. 

This overall budget package represents the Governor’s budget submission that lays out the key investments to support the promises made to Coloradans to continue to save them money on healthcare, to become one of the top ten safest states, to attack the root cause of skyrocketing housing costs, to provide immediate property tax relief while the administration looks toward long term reforms, to successfully implement free universal preschool, and to achieve 100% renewable energy by 2040.

Property Tax Relief: In partnership with the legislature, the Governor has delivered more than $1 billion in property tax relief to Coloradans. His budget proposal includes $200 million in General Fund to provide immediate property tax relief to Coloradans. Gov. Polis is committed to working with the legislature to pass a long-term tax relief package that reduces commercial property taxes and creates a long-term mechanism to protect homeowners from being priced out of their homes.

More Housing Now: Colorado must take immediate action to create more housing now, and build a longer-term strategy to increase the supply of homes and control housing costs. Governor Polis is focused on removing barriers, cutting red tape, and developing new approaches to zoning laws. The Governor’s budget proposal includes a $15 million budget placeholder to implement this dynamic approach to land use. 

Tax Relief to Benefit Colorado's Climate: Under Governor Polis’s leadership, Colorado has already secured 80% renewable energy by 2030, and to help achieve the final 20%, the Governor is proposing up to $120 million for clean energy tax credits to accelerate progress towards our climate and clean air goals. These commonsense proposals will expand rebates for electric vehicles, e-bikes, and outdoor power equipment and create incentives for geothermal energy, green hydrogen power, modernization and clean-up of industrial facilities, and sustainable aviation fuels.

Expanding Workforce and Job Opportunities: Colorado’s strong economy is only as strong as its workforce, and Governor Polis wants to help connect more Coloradans to skills that will help them build careers and support themselves and their families. This budget proposal includes $70 million in workforce development, specifically targeting high-demand, high-wage credentials. The budget proposal would create free training pathways for early childhood education, K-12 education, law enforcement, fire and forestry, construction trades, advanced manufacturing, and nursing fields. In addition, it would support students during and after high school with scholarships for higher education and apprenticeships. These concerted investments will provide Colorado’s economy with an increased number of skilled workers in critical sectors, help solve the workforce shortage, and reduce inflationary pressures.

Addressing Declining Math Scores in Schools : While Governor Polis recently highlighted 21 schools for the “Governor’s Bright Spot Awards” that showed increased achievement over the last three years, some school districts are still struggling. This is why the Governor’s budget includes $25 million over two years to expand after-school programming, especially in STEM areas, which will save parents thousands of dollars. It also includes $3 million in federal and state funds for schools to purchase instructional materials and invest in professional development in math.

Saving People Money: Governor Polis is committed to saving people money and this budget proposal builds upon the 100 ways the administration has saved Coloradans money. This budget includes funding for expanded child care access through employers, reducing health insurance premiums on the individual market, keeping the cost of a state parks pass at $29 down from $80, and accelerating the production of innovative housing. 

Protecting the Colorado Way of Life: The Governor’s budget proposal focuses on protecting Colorado’s precious water resources with strategic investments to bring in federal funding, and accelerating the use of clean transportation, building upon the landmark bipartisan infrastructure bill signed by the Governor in 2021. 

Read more here and view the slide deck.