DENVER — Tuesday, Jan. 2, 2018 — Gov. John Hickenlooper today submitted budget amendments for both the current year and next year’s budgets. The State is expecting new revenue above the September 2017 projections, from both improving economic conditions and investor income, but also the newly adopted federal Tax Cuts and Jobs Act (TCJA). The new federal law will increase the amount of taxable income, which is the basis of Colorado’s income tax.
“It’s not often we find ourselves in a position where resources are available to actually go beyond our initial budget request,” said Governor John Hickenlooper. “Education and transportation are grossly underfunded. This new revenue should go to these priorities. We also must acknowledge that we have a long way to go with each for long-term solutions.”
FY 2017-18 Supplemental Budget Request
In addition to the plan for new revenue, the request includes supplemental budget requests for the current year for important priorities in the Departments of Corrections, Education, Health Care Policy and Financing, Human Services, and others. The request reflects a total funds increase from the original appropriation of $221.0 million (0.8 percent), including $18.5 million (0.2 percent) from the General Fund, $5.1 million (0.3 percent) from reappropriated funds, a reduction of $81.4 million (-1.0 percent) from cash funds, and $278.8 million (3.2 percent) from federal funds.