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Gov. Bill Ritter has released a report detailing the ways in which Colorado expects to use federal dollars provided by recently-enacted economic stimulus legislation, as well as opportunities for private citizens and business to benefit from the American Recovery and Reinvestment Act.
The report, prepared by the governor's economic recovery advisors, is available here.
Showing posts with label economic stimulus. Show all posts
Showing posts with label economic stimulus. Show all posts
Tuesday, May 12, 2009
Friday, April 17, 2009
House Gives Final OK to FY 2010 Budget
The House overwhelmingly gave final approval this morning to a bipartisan budget compromise that closes a $300 shortfall in the fiscal year 2010 state spending plan.
Lawmakers agreed to cut spending by about $77 million and raise about $255 million in additional revenue for the state.
Included in the spending cuts are a requirement that many state employees take up to eight unpaid days off in the next fiscal year.
The so-called "Long Bill" also provides that Medicaid fees paid to doctors and hospitals would be reduced by $58 million and transfers about $28 million from K-12 education to higher education.
The measure also authorizes the use of about $35 million in money from the state's tobacco tax revenue, which is ordinarily allocated to health promotion and efforts to prevent smoking, for general fund purposes.
A separate bill closes a property tax exemption applicable to senior citizens for one year. That measure, which would be effective for one year, is expected to raise about $90 million in revenue.
House approval of SB 259 is not the end of the General Assembly's work on next year's budget and other fiscal matters. The "Long Bill" must return to the Senate for consideration.
In addition, Democrats are likely to propose a bill eliminating sales tax exemptions for cigarettes and vending machine sales. That bill, if enacted, would raise about $38 million in revenue each year.
The House-approved budget avoids any additional reductions in higher education spending for next fiscal year.
Gov. Bill Ritter warned earlier in the week that cuts to spending on the state's colleges and universities might place the state at risk of losing access to more than $700 million in federal economic stimulus dollars authorized by the Economic Recovery and Reinvestment Act.
Lawmakers agreed to cut spending by about $77 million and raise about $255 million in additional revenue for the state.
Included in the spending cuts are a requirement that many state employees take up to eight unpaid days off in the next fiscal year.
The so-called "Long Bill" also provides that Medicaid fees paid to doctors and hospitals would be reduced by $58 million and transfers about $28 million from K-12 education to higher education.
The measure also authorizes the use of about $35 million in money from the state's tobacco tax revenue, which is ordinarily allocated to health promotion and efforts to prevent smoking, for general fund purposes.
A separate bill closes a property tax exemption applicable to senior citizens for one year. That measure, which would be effective for one year, is expected to raise about $90 million in revenue.
House approval of SB 259 is not the end of the General Assembly's work on next year's budget and other fiscal matters. The "Long Bill" must return to the Senate for consideration.
In addition, Democrats are likely to propose a bill eliminating sales tax exemptions for cigarettes and vending machine sales. That bill, if enacted, would raise about $38 million in revenue each year.
The House-approved budget avoids any additional reductions in higher education spending for next fiscal year.
Gov. Bill Ritter warned earlier in the week that cuts to spending on the state's colleges and universities might place the state at risk of losing access to more than $700 million in federal economic stimulus dollars authorized by the Economic Recovery and Reinvestment Act.
Wednesday, December 10, 2008
Ritter Gives Obama Stimulus Suggestions
Gov. Bill Ritter has offered President-elect Barack Obama a list of suggestions for stimulus spending in Colorado next year, asking that the new administration in Washington, DC focus on transportation projects and energy infrastructure.
The governor included his ideas in a letter sent to Obama Dec. 9. Ritter specifically mentioned 112 highway projects costing $1.1 billion; 23 aviation projects costing $113 million; and 22 transit projects costing $144 million.
Ritter also asked Obama to push Congress to appropriate about $90 million to the U.S. Department of Energy's State Energy Program grants and to create a $10 billion energy retrofit program that would cover all types of structures. Ritter also suggested increases to the Energy Efficiency and Conservation block grant program, the federal fund that pays for weatherization projects and assistance to utilities to pay for transmission projects. He also recommended a variety of tax changes aimed at encouraging investment and research into renewable energy sources and facilities, including "clean coal" research.
"Colorado and the nation face significant economic challenges,” Ritter said. “But these challenges also create enormous opportunities. Colorado’s successes at building a New Energy Economy and creating new jobs can be a model for the nation. Through wise infrastructure investments, we can create jobs and hasten economic recovery in the short-term, and put the nation on a long-term path for growth that will allow us to compete and succeed on a global economic stage.”
Obama is expected to ask Congress for a large fiscal stimulus bill, possibly approaching as much as $ 1 trillion, shortly after his inauguration as President Jan. 20, 2009.
The governor included his ideas in a letter sent to Obama Dec. 9. Ritter specifically mentioned 112 highway projects costing $1.1 billion; 23 aviation projects costing $113 million; and 22 transit projects costing $144 million.
Ritter also asked Obama to push Congress to appropriate about $90 million to the U.S. Department of Energy's State Energy Program grants and to create a $10 billion energy retrofit program that would cover all types of structures. Ritter also suggested increases to the Energy Efficiency and Conservation block grant program, the federal fund that pays for weatherization projects and assistance to utilities to pay for transmission projects. He also recommended a variety of tax changes aimed at encouraging investment and research into renewable energy sources and facilities, including "clean coal" research.
"Colorado and the nation face significant economic challenges,” Ritter said. “But these challenges also create enormous opportunities. Colorado’s successes at building a New Energy Economy and creating new jobs can be a model for the nation. Through wise infrastructure investments, we can create jobs and hasten economic recovery in the short-term, and put the nation on a long-term path for growth that will allow us to compete and succeed on a global economic stage.”
Obama is expected to ask Congress for a large fiscal stimulus bill, possibly approaching as much as $ 1 trillion, shortly after his inauguration as President Jan. 20, 2009.
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