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Colorado: Governor Polis Presents Balanced Budget Proposal to the Joint Budget Committee

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DENVER ~ In a press conference held today, Governor Jared Polis of Colorado presented a balanced budget proposal to the Joint Budget Committee. The proposal aims to ensure financial stability for the state's budget while also protecting critical investments in areas that are important to Coloradans, such as education and public safety.

Governor Polis emphasized the importance of a balanced budget, stating that unlike Washington D.C., Colorado has consistently presented a balanced budget every year. He also highlighted the state's commitment to protecting investments in schools and law enforcement while maintaining fiscal sustainability to withstand any potential future downturns.

The Governor's proposed budget for 2026-27 includes $167 million in state funding for school finance. This will be accompanied by a shift towards a more student-centered approach to total program funding. Additionally, the budget implements 30 percent of the new school finance formula while transitioning to a three-year average enrollment method for calculating Total Program funding.

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The proposed budget also includes an increase of $413 per pupil over FY 2025-26, bringing the total per pupil funding to $12,272. This represents an increase of more than 50 percent since the beginning of Governor Polis' administration. Furthermore, there is an additional $14.3 million allocated for Universal Preschool funding in School Year 2026-27, with the aim of serving all children enrolled in the initiative, particularly those from vulnerable backgrounds.

In light of recent events and potential future emergencies, the proposed budget sets aside $7.1 million for emergency preparedness, response, and recovery efforts if federal government funding continues to be withheld.

The Governor's proposal also includes plans to begin Proposition 130 fund transfers for local law enforcement and slow down the year-over-year growth of state funding for Medicaid to 5.6 percent in FY 2026-27. While this is significantly lower than previous years' double-digit growth rates, it still represents a faster pace than most other state programs. This would result in an annual funding increase of $297.7 million in the state General Fund compared to the current Long Bill appropriation.

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To ensure financial stability, the budget proposes that the state maintain a budget reserve equal to 13 percent of General Fund appropriations for FY 2026-27. Additionally, there are plans for a spinoff and conversion of Pinnacol, which would remove coverage barriers and allow for better support of Colorado employers and workers in a modern economy.

The Governor's budget also reflects the commitment made by Coloradans through their votes on propositions LL and MM. These propositions aim to ensure that all children are fed at school, regardless of their circumstances. With their passage, additional funds will be available to support SNAP administrative costs, reducing pressure on the General Fund.

Governor Polis' budget letter and updated slides can be found on the state's website. These changes will be reflected in the Governor's January budget submission, taking into account the passage of propositions LL and MM.

Filed Under: Government, State
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