Polis signs Colorado budget, touts funding for schools and affordable housing

Heather Willard
·3 min read
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DENVER (KDVR) — On Monday, Gov. Jared Polis signed the 2024-25 state budget with measures that fully funded Colorado schools, created investments into public safety and created new housing, according to the governor’s office.

The portions Polis’ office highlighted include investing $525.8 million to provide Colorado students of all ages and teachers the tools they need to thrive, investing $58 million to create more housing that Coloradans can afford and investing $30 million in public safety to try to move Colorado closer to becoming one of the “Top 10 Safest States.”

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“This bipartisan budget builds a stronger, brighter, and safer future for Colorado where we invest in students, have housing people can afford near work and transportation options, and live in safer communities,” said Polis in his budget announcement. “By fully funding our schools, creating more housing now, and making our neighborhoods safer, Coloradans can continue to thrive in our beautiful state. I thank the legislature for its partnership and I look forward to seeing these investments improve the Colorado way of life.”

Education investment eliminated budget stabilization factor

The state is dedicating its biggest portion of the budget to education, including $141.2 million specifically to eliminate the Budget Stabilization Factor, which reduced state aid to districts so there could be a balanced budget. The governor said in November that he wanted to allocate more than $564 million to education.

That Budget Stabilization Factor will finally be paid off this year.

The new state budget also increases per-pupil funding by 6.9%, for over $16,000 more per classroom. That’s higher than the estimated $15,000 per classroom.

The state budget also secures:

  • $34.7 million to support special education

  • $22.2 million, an 82.3% increase in charter school funding

  • $344.1 million, a $22.1 million increase, to build on Colorado’s UniversalPreschool, including expanding full-day preschool to low-income 4-years olds

  • $140 million to keep in-state resident tuition low

In addition to fully funding schools, the budget builds upon the Universal Preschool Program that the governor’s office said saves Coloradan households an average of $6,000 per year on childhood education expenses. The measure also provides free full-day kindergarten, saving Coloradans $500 per month, according to the governor’s office.

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Affordable housing measures

Lawmakers have been beating their drums to fund affordable housing since the session began, and Polis has been there alongside them. To that end, the new state budget invests $58 million to create more housing that Coloradans can afford right now and encourage more housing near job centers and transportation hubs, like RTD.

The investments include:

  • $35 million to support and encourage Transit-Oriented Communities

  • $13.9 million to increase the number of Accessory Dwelling Units, support commercial to residential conversions and tax credits for housing in historic structures

  • $9 million to fund vouchers to help prevent homelessness

Polis said he is “laser-focused” on addressing Colorado’s housing needs and plans to address those needs by creating housing near job centers and transportation options. On April 15, Polis signed legislation that “eliminated unfair and discriminatory occupancy limits in Colorado.” The law he signed prevents local governments from enforcing residential occupancy limits in most situations.

Public safety and law enforcement

The budget signed by Polis includes $30 million for public safety, including:

  • $9.2 million to reduce auto theft

  • $6 million to support victims of crimes

  • $3 million to fund community-based crime prevention grants

  • $2 million for grants to enhance school security

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Polis touted decreases in “almost every category of crime” during 2023, including auto thefts and violent crimes. Polis has also signed bills into law to crack down on auto theft, protect Coloradans from gun violence and provide grants to community-based organizations focused on proven crime prevention strategies to ensure Colorado communities are safe.

The budget also includes measures to help citizens save money on healthcare, connect Coloradans to fulfilling careers and maintain strong fiscal reserves for the states.

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