Colorado Budget Then and Now illuminates the meaningful changes in Colorado state spending over the last twenty years. The following figures provide a summary overview of state spending across different state funds and agencies. The trends shown reflect the shifting priorities brought on as a direct result of the laws and budgets passed each legislative session.
PERA’s current unfunded liability is $31 billion. This is one indicator of PERA’s funding status as it measures the difference between projected benefit demands, and the assets (current fund balance + future expected returns) that have been collected to cover those benefits.
As the Colorado General Assembly nears completion of the state budget there is little doubt that the decisions they make will impact Colorado’s economy for years to come. Known by insiders as the “long bill,” the state budget has passed the State House and is currently being debated by the State Senate.
The recent changes in state government employment vary greatly across each department. Though the Governor’s FY23 budget request proposes a 0.85% increase in the overall level of the state government’s workforce, five agencies are proposed to grow above 6%.
Common Sense Institute analyzes both the federal and Colorado state governments relief bills in response to the economic impacts associated with COVID-19, and provide recommendations for ways to set up Colorado for long-term growth.