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Colorado Budget: Then and Now
Common Sense Institute releases 20-year state budget comparison
ColoradoBiz Staff //November 3, 2024//
Image courtesy of Adobestock.
Image courtesy of Adobestock.
Colorado Budget: Then and Now
Common Sense Institute releases 20-year state budget comparison
ColoradoBiz Staff //November 3, 2024//
The Common Sense Institute on Friday released its annual report titled, Colorado Budget: Then and Now, coinciding with Colorado Gov. Jared Polis’ release of his FY2026 budget request.
• Government spending has outpaced inflation and population growth in recent years. Adjusted for inflation, total state government appropriations per Coloradan increased by 35% from FY05 to FY25, growing from $5,140 to $6,924. In FY26 alone it will increase by 8.9% or $617 per Coloradan.
• Health care has dominated budget growth in recent years while education’s share has declined.
In the Governor’s FY26 budget request, growth in the Department of Health Care Policy and Financing’s (HCPF) funding accounts for 98% of the total net increase in all appropriations. It accounts for 36% of GF growth.
In the last 20 years,(FY05-FY25) the HCPF budget increased by 429% from $3 billion to $15.9 billion and its share of the total budget rose from 22% to 37%. HCPF accounted for 43% of all new spending between FY24 and FY25.
Over this same time, education’s funding increased 128%, while its share of the budget fell from 25% to 18%.
• Revenue subject to TABOR available to spend or save accounts for 46% of all spending.
It is projected to grow by 3.3% annually, or from $18 billion to $20.6 billion, from FY24 to FY27. At the same time there is $3.2 billion in projected TABOR surplus revenue available for refunds.
During the 2024 legislative session projected TABOR refunds were reduced by over $3 billion.
