DENVER (CBS4) — Gov. Jared Polis announced a $1.3 billion economic stimulus plan that he says will help Colorado recover from a devastating year — and help grow the economy.
The governor’s budget plan to jumpstart the state’s economy is three-fold: restore major reductions, provide an economic stimulus package investing in jobs and growth, and to save for our future.
That includes $105 million in tax relief and direct aid for restaurants, bars and other small businesses hit hard by the pandemic.
The budget includes $50 million for housing eviction prevention, and direct benefits for individuals who are not eligible for other assistance
It also carves out $220 million to create jobs by investing in public works and infrastructure.
The plan calls for increasing funding for education by $902 per student and restores funding for higher education.
Given the historic wildfire season we’ve seen this year — the governor said $78 million will allocated to improve the state’s fire response and recovery.
He says this budget lays the foundation to build a stronger Colorado.
“If there’s one thing we’ve learned about during this pandemic it’s that the issues that affect all of us, our schools, health care, climate change, economic stability, are more important than ever before, and have truly become kitchen table issues for Colorado families. With this budget, we’re restoring the painful cuts that were made in fiscal year 2021 and ensuring that the critical services that Coloradans depend on can continue.”
Looking ahead, the budget would increase general Fund reserves from 2.86% to 10% . It also proposes a “responsible savings package” of $422 million.