Become part of the movement for unbiased, accessible election information. Donate today.

Colorado state budget (2010-2011)

From Ballotpedia
Jump to: navigation, search
Note: This article was last updated in 2010. Click here for more recent information on state budgets and finances.


Colorado Governor Bill Ritter (D) signed the FY 2011 $18.2 billion budget into law on April 29, 2010.[1] On November 2, 2010, Ritter submitted a $19.1 billion FY 2012 budget proposal.[2]

The University of Denver Center for Colorado’s Economic Future said the state faced a $1.5 billion budget gap for the FY 2011 budget.[3][4][5]

2011 state spending & deficit in billions[6]
Total spending Pension Healthcare Education Welfare Protection Transport Debt
$21.4 $3.5 $5.1 $5.2 $2.0 $1.7 $0.9 $20.3
2011 local spending & deficit in billions[6]
Total spending Pension Healthcare Education Welfare Protection Transport Debt
$33.4 $0.5 $2.7 $7.8 $1.3 $2.8 $2.5 $38

Fiscal Year 2011 state budget

On April 9, 2010, the Colorado State Senate passed an $18.2 billion budget bill for FY 2011 by a 22-13 vote.[7] Ritter signed the $18.2 billion budget into law on April 29, 2010.[1]

Budget deficit

Seven weeks into FY 2011, the state faced a $60 million deficit.[8] In October 2010, the gap in the budget was estimated to be $262 million.[9] In December 2010, the National Conference of State Legislatures said that the state faced a midyear shortfall of $248.7 million, which represented 3.6% of the FY 2011 state budget.[10]

Budget background

Colorado's fiscal year began on July 1 and ended June 30. State departments submitted their budget proposals to the Governor's Office of State Planning and Budgeting as part of the executive budget process. The governor and his staff reviewed the budget proposals and limited each department's budget request based on the governor's priorities, and then determined which new funding initiatives should be included in the request.[11] Departments submitted budgets to the Joint Budget Committee by November 1. Shortly thereafter, the committee scheduled hearings with each agency. The staff analysts briefed the committee on each budget request a few days prior to the hearing with a department. Briefings and hearings for most departments were scheduled in November and December. By February 1, the Colorado State Legislature was required to certify, by joint resolution, the amount from the state's general fund available for appropriation for the next fiscal year. Once the General Assembly convened in early January, a series of hearings and joint budget meetings that ran both through the House and the Senate were held. Both chambers had to accept the final bill before it was signed into law.[12]

See Colorado state budget (2008-2009) for more information.

General fund revenue collections: FY 08-09 compared to FY 07-08[13]

FY 2008 FY 2009 Percent change
Individual income $4,974 $4,424 -11.1%
Corporate income 507.9 350.9 -30.9%
Excise/sales taxes 2,411 2,265 -6.0%
Other 258.1 246.4 -4.5%
Total 8,151 7,287 -10.5%

All figures in millions, and include revenues collected for State Education Fund, based on March 2009 forecast.

Accounting principles

The Colorado State Auditor reported to the Legislative Audit Committee. The Legislative Audit Committee (LAC) was a permanent standing committee comprised of four senators and four representatives with equal representation from the two major political parties. The committee was responsible for reviewing and releasing audit reports and recommending special studies. The LAC also recommended an appointment for State Auditor to the leadership of the General Assembly every five years. Sally Symanski was Colorado’s state auditor. Audit reports were published online.[14][15]

Credit rating Fitch Moody's S&P
Colorado[16] NR Aa3 AA

See also


Footnotes

  1. ↑ 1.0 1.1 Denver Post "Gov. Bill Ritter signs $18.2 billion budget" April 30, 2010 Cite error: Invalid <ref> tag; name "signs" defined multiple times with different content
  2. ↑ The Denver Post, "Ritter unveils $19.1 billion budget for Colorado in 2011-12," November 3, 2010
  3. ↑ Associated Press, "Colorado Lawmakers to Tackle Difficult Budget Cuts," January 11, 2010
  4. ↑ Associated Press, "Colorado Lawmakers Cutting Budget to the Bone," January 11, 2010
  5. ↑ University of Denver's Center for Colorado’s Economic Future, "Issue Brief," accessed June 21, 2022
  6. ↑ 6.0 6.1 USA Spending, "State Guesstimated* Government Spending," accessed June 21, 2022
  7. ↑ The Denver Post, "'Ashamed' senators pass Colorado budget," April 10, 2010
  8. ↑ The Denver Post, "Ritter to announce how Colorado would bridge $60 million budget gap," August 23, 2010
  9. ↑ Business Week, "More cuts coming to Colorado budget this year," October 22, 2010
  10. ↑ The Wall Street Journal, “States Face Budget Shortfalls of $26.7 Billion,“ December 8, 2010
  11. ↑ State of Colorado, "Budget Process and schedule," accessed March 19, 2009
  12. ↑ State of Colorado, "The role of the Joint Budget Committee in the budget process," accessed March 19, 2009
  13. ↑ Tomlinson & Associates, “2009 Colorado General Assembly Legislative Session Review,” June 6, 2009
  14. ↑ Office of the State Auditor Web site, accessed October 11, 2009
  15. ↑ Audit reports
  16. ↑ "State of Indiana," “State Credit Ratings,"June 24, 2009
Flag of Colorado
v • e
State of Colorado
Denver (capital)
Elections

What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures

Government

Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy

Retrieved from "https://ballotpedia.org/wiki/index.php?title=Colorado_state_budget_(2010-2011)&oldid=9148000"