Colorado Senate backs $605M in budget cuts, transfers
DENVER, Colorado ” The full Colorado Senate has approved a package of cuts and transfers to trim about $605 million from this year’s state budget.
It now heads to the House, where changes will likely be made. It will be up to members of the Joint Budget Committee to work out the differences.
About a third of the balancing package relies on transferring about $240 million from funds set up for specific programs. Many are funded by fees and fines.
The state is already more than halfway through its fiscal year but must cut spending for this year and next because the recession is expected to reduce tax collections by a combined $1 billion. Budget committee members say worse cuts could be in store next year.