What is Colorado's operating budget?

Colorado enacted its FY 2024 budget in May 2023. The? budget?reported $15.1 billion in general fund spending, a 12 percent increase over the previously enacted budget.

What is the budget for Colorado 2023?

The capital construction fund portion is set at $256,358,189; the cash funds portion is set at $212,411,819; and the federal funds portion is set at $2,379,097. The grand total for the state fiscal year beginning July 1, 2023, for information technology projects is set at $124,261,834.

Does Colorado have a balanced budget?

Colorado must maintain a balanced budget each year, meaning that spending may not exceed the amount of tax and fee revenue that the state collects or saves. In other words, unlike the federal government, the state cannot run a deficit.

Does Colorado have a budget surplus?

Legislative staff project a $1.8 billion surplus in 2024-25 and a $2 billion surplus in 2025-26. The governor's budget office projects $1.1 billion in refunds owed each year.

What is the budget proposal for the state of Colorado?

On January 2 and January 16, the governor released amendments to the budget. The final amended proposal calls for $46.0 billion in total fund spending, an increase of 4.9 percent from fiscal 2024, and $15.8 billion in general fund operating spending, an increase of 5.8 percent from fiscal 2024.

University of Colorado: Budget Explained

How big is the Colorado state budget?

For FY 2021-22, the Colorado budget totals $34.3 billion.

How much debt does the state of Colorado have?

In the fiscal year of 2022, Colorado's state debt stood at about 22.28 billion U.S. dollars. Comparatively, the state's debt was approximately 4.43 billion U.S. dollars in 2000.

How strong is Colorado's economy?

With a state GDP in 2022 of $386 billion in inflation-adjusted 2012 dollars, Colorado ranks behind Michigan at $490 billion and ahead of Maryland at $369 billion.

How does Colorado make most of its money?

The largest industries by revenue in Colorado are Oil Drilling & Gas Extraction, Tourism and New Car Dealers, which generated $37.4b, $26.9b and $21.5b in 2022. 1.

Why is Colorado becoming so expensive?

Colorado's population has grown significantly over the past decade, driven by its strong economy, natural beauty, and quality of life. This population growth has increased demand for housing, transportation, and other services, driving up prices and contributing to the state's high cost of living.

Is Colorado a good place to retire financially?

A: Yes! In fact, WalletHub ranks Colorado the third best state for retirees. Q: What is the cheapest place to retire to in Colorado? A: Eaton, Pueblo, and Grand Junction are some of the most affordable places to retire in Colorado.

Is Colorado a Democrat or liberal state?

Colorado has been trending Democratic in recent years due to the rising percentage of young, college-educated, suburban, and unaffiliated voters leaning Democratic.

What is Colorado known for economy?

Colorado's ranching, farming, and mining industries have a proud history and are integral to the state's communities and economic prosperity. The state's urban Front Range, which ranges from Fort Collins south to Pueblo, boasts one of the nation's largest financial services hubs and busiest airports.

What is the economic forecast for Colorado in 2024?

The forecast, created by BRD and the state of Colorado with input from 125 business leaders in a variety of industries, includes a job growth projection of 1.4% in 2024 with seven of the state's 11 major industries expected to add more jobs.

Who decides where tax money goes?

Every year, Congress decides the amount and the type of discretionary spending, as well as provides resources for mandatory spending. Money for federal spending primarily comes from government tax collection and borrowing.

Are coloradans getting money back in 2023?

Change in refunds by income and filing status

It's tax filing season. What to know: Colorado residents will get a tax refund worth $800 per filer on their 2023 taxes through TABOR.

Why is Colorado so popular?

Colorado's growing population isn't just about the stunning landscapes and outdoor adventures. It's a mix of job opportunities, affordable housing, quality education, and diverse communities that attracts both young professionals and families alike.

What is the main product of Colorado?

The state's largest manufacturing export category is computer & electronic products, which accounted for $1.9 billion of Colorado's total goods exports in 2018.

Is Colorado a rich or poor state?

In 2021, the economy of the State of Colorado was 16th largest in the United States with a gross state product of $421 billion.

What is Colorado's biggest industry?

The largest sectors in the economy of Colorado are agriculture, mining, manufacturing, and services sector (mainly tourism).

What is Colorado ranked in crime?

How Does Colorado Compare Nationally? Colorado's crime has risen to one of the highest rates in the nation in the past ten years. As of 2022, Colorado ranked 4th highest nationally for combined property and violent crime rates according to Federal Bureau of Investigation data.

What state is deepest in debt?

U.S. state and local government outstanding debt 2021, by state. In 2021, the federal state of California had about 541.24 billion U.S. dollars of debt outstanding, the most out of any state.

Which US states are not in debt?

The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.

Who owns over 70% of the U.S. debt?

Who owns the most U.S. debt? Around 70 percent of U.S. debt is held by domestic financial actors and institutions in the United States. U.S. Treasuries represent a convenient, liquid, low-risk store of value.