Colo. Budget Panel Votes to Cut Higher Ed. by $300M

By: Associated Press Email
By: Associated Press Email

Denver (AP) The Colorado Legislature's Joint Budget Committee has voted to cut another $300 million from colleges and universities to help close the state's budget gap in the upcoming fiscal year.

The vote was yesterday.

If approved by the full legislature, the total cuts facing higher education will 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 yhe 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.

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