Gov. Jared Polis’ updated proposal trimmed the overall budget request from $42.7 billion to $42.6 billion while leaving the general fund relatively untouched at about $16.7 billion, according to the governor’s letter to lawmakers.
Gov. Jared Polis asked lawmakers for another $200 million toward property tax relief — in addition toPolis, a Democrat who sailed to re-election in November, updated his budget proposal to reflect the most recent December economic forecast. His updated proposal trimmedfrom $42.7 billion to $42.6 billion, while leaving the general fund relatively untouched at about $16.7 billion, according to the governor’s letter to lawmakers.
The legislature will ultimately draft and pass a budget to send to Polis this spring. There will still be another economic forecast that will underpin the final budget proposal in March, meaning this is a “starting point” for budget writing, Polis said. But, there’s also “a lot of alignment” on how he ran for re-election and Democrats who expanded their majorities in both legislative chambers.
The $200 million would be spread over two years, Polis said. He also emphasized the need to continue to pass a long-term fix to Colorado’s property tax system after Colorado votersin 2020. The Gallagher Amendment capped residential property taxes for decades, which opponents argued kneecapped businesses and local governments.
Polis also asked for $15 million as a “placeholder that’s simply for implementing forward-looking, smart-planning usage.” He has advocated for more housing along transit corridors, specifically.
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