Colo. budget panel votes to cut higher ed by $300M | SummitDaily.com

Colo. budget panel votes to cut higher ed by $300M

THE ASSOCIATED PRESS

DENVER ” The Colorado Legislature’s Joint Budget Committee has voted to cut another $300 million from colleges and universities to close the state’s budget gap in the upcoming fiscal year.

The vote was Wednesday.

If approved by the full Legislature, the total cuts facing higher education amount to about half of what the state planned to spend on colleges and universities during the next fiscal year, which starts July 1.

However, the committee will also try to take $500 million from the reserves of the workers’ compensation insurer Pinnacol Assurance, part of which would make up for the higher education cut.

Pinnacol doesn’t use any tax dollars but is overseen by a board appointed by the governor.

If the rest of the Legislature votes to take money from Pinnacol, $300 million would go to higher education and $200 million would go to the state’s reserves.