Colorado lawmakers to debate budget cuts
DENVER, Colorado ” State lawmakers are set to start debating millions of dollars in cuts to next year’s budget on Monday.
The Joint Budget Committee has recommended more than $700 million in cuts, transfers and accounting moves to make up for an expected decline in tax revenue because of the recession.
State colleges and universities stand to lose $300 million, but some lawmakers want to reverse that cut by taking $500 million from the surplus accumulated by Pinnacol Assurance, the state-created workers’ compensation insurance company. The company is fighting the move.
The proposed budget would also eliminate a property tax break for senior citizens and old-age pension payments to legal immigrants.
Overall funding for public schools would still increase by about 4 percent as required by the state constitution.