Colorado budget writers banking on stimulus money
DENVER, Colorado ” Lawmakers who oversee the state budget are recommending that Colorado count on about $100 million it expects to get in extra Medicaid funding to help balance this year’s budget.
Members of the Joint Budget Committee voted Wednesday to back the move.
Colorado is expected to get the money as part of the federal stimulus package being worked out in Congress.
The committee also endorsed taking $150 million from the state’s reserve account, leaving $150 million behind.
The goal is to cut about $600 million from this year’s budget because tax revenue is expected to drop because of the recession. The committee still has find another $3 million in cuts to get there.
Their recommendations will be debated in the House and Senate next week.