Enacted Budget – Fiscal Year 2025
Colorado Governor Jared Polis signed the state’s fiscal 2025 budget bill into law on April 29. According to the Long Bill Narrative released by the Joint Budget Committee, the budget includes $42.89 billion in operating appropriations from all funds and $16.0 billion in general fund operating appropriations. This represents a 3.7 percent increase in total fund spending and a 6.5 percent increase in general fund spending over fiscal 2024 levels. After accounting for rebates and other expenditure adjustments, transportation and capital projects, and transfers and diversions, general fund spending obligations total $18.25 billion, an increase of $218 million from fiscal 2024. The enacted budget leaves an ending balance in the General Fund Reserve of $2.4 billion. The budget is based on a gross general fund revenue forecast of $18.1 billion for fiscal 2025.
The budget prioritizes education, housing, public safety initiatives, and the workforce. The budget invests $525.8 million in education including $344.1 million to build Colorado’s successful Universal Preschool, $141.2 million to eliminate the Budget Stabilization Factor, and $140 million to keep in-state resident tuition low. It also invests $58 million to create more affordable housing including $35 million to support and encourage transit-oriented communities, $13.9 million to increase the number of accessory dwelling units, and $9 million to fund vouchers to prevent homelessness. The budget invests $30 million in public safety initiatives including $9.2 million to reduce auto theft, $6.0 million to support victims of crimes, and $2.0 million for grants to enhance school security.