Budget Committee Considers Selling CollegeInvest

By: Associated Press Email
By: Associated Press Email

Denver (AP) Colorado Lawmakers have begun making recommendations on cuts and transfers to plug an expected $156 million budget shortfall.

So far, members of the Joint Budget Committee have come up with about $100 million in savings. That's largely from recommending that more money be transferred from accounts funded by fees and severance taxes as well as cutting extra money to help schools that serve students from military families.

To close the gap and to help balance a projected $786 million hole in next year's budget, lawmakers are still looking into some bigger actions. They include selling off two state operations.

One is CollegeInvest, which provides college loans and savings plans. Staffers estimate its sale could bring in $40 million. The other is Pinnacol, which provides workers' compensation insurance. A proposal to sell it off in 2001 estimated its worth at $900 million.

Committee members plan to discuss those ideas more when they met again today.


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