Proposed Budget - Fiscal Year 2023
On November 1, Colorado Governor Jared Polis released his recommended budget for fiscal year 2023. The proposal calls for $40.0 billion in total fund spending and $13.5 billion in general fund operating spending, reflecting increases of 3.9 percent in total spending and 8.1 percent in general fund operating spending compared to fiscal 2022 levels. The governor’s budget also recommends a package of one-time transformational investments of $1.3 billion in general funds. Gross general fund revenue in fiscal 2023 is expected to total $15.9 billion. Combined with the state’s beginning balance of $3.5 billion, total forecasted general fund resources for fiscal 2023 are $19.4 billion. Including one-time investments, transfers to other state funds, and projected refunds to taxpayers required by state law, general fund expenditures in the budget total $17.2 billion. The governor recommends a general fund reserve level of $1.997 billion, or 15 percent of general fund spending subject to the reserve. The executive budget also outlines the governor’s funding priorities for remaining American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds.