Colorado governor signs $28.9 billion state budget | SummitDaily.com

Colorado governor signs $28.9 billion state budget

AP-CO-XGR–Colorado State Budget,123

Colorado governor signs $28.9 billion state budget

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Associated Press

DENVER — Colorado Gov. John Hickenlooper has signed a $28.9 billion state budget into law.

The annual spending plan makes major investments in the state's largest unmet needs. It boosts funding to schools, roads and the public pension.

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The budget covers the 2018-19 fiscal year, which begins July 1. Booming economic growth and a windfall from federal tax reform allowed lawmakers to fund the bulk of the Democratic governor's requests and increase discretionary spending by 7.5 percent.

It calls for $495 million for transportation projects and sets aside $225 million to shore up the state pension, which is badly underfunded.

It boosts K-12 education funding by $150 million annually. Public colleges and universities will get a 9 percent funding bump aimed at limiting tuition hikes.