DENVER (AP) — Colorado Gov. Jared Polis proposed a $34.5 billion state budget Wednesday for the next fiscal year, once again emphasizing early and higher education investments and seeking to increase rainy-day reserves.
Polis presented his request to the Joint Budget Committee, which will craft a balanced budget during the 2020 legislative session.
Polis noted that the requested funding increase of 2.9% kept with the inflation rate, Colorado Politics reported.
“There’s not a lot of free money” available, he said.
Polis wants to increase general fund reserve to 7.5% of state obligations from the current 7.25% to help the state weather a possible economic downturn.
The Democratic governor previously instituted full-day, state-funded kindergarten, and increased pre-school enrollment. He wants to boost state-funded preschool enrollment by 6,000 children next year.
Polis requested $52 million to help reduce unfunded state obligations to K-12 schools to about $520 million; $10 million for capital improvements to public colleges and universities; and $14 million to help college students make payments on their loans during the first two years after graduation.
Tuition at public colleges and universities would rise by 3% under his plan.
Polis wants $550 million for transportation. He also has outlined a plan to give state workers two months of paid family leave.