Gov. Jared Polis releases his final budget, but education funding calculations could change

Colorado Governor Jared Polis has released his final budget proposal, which will be crucial in determining the state's education funding, as the new governor's priorities will take effect in January. The state is currently facing a budget deficit of over $1 billion for the third consecutive year, and Polis has proposed $212.1 million for K-12 schools, raising the statewide spending to approximately $10.4 billion.

This would result in a per-pupil funding increase to $12,814, an additional $488 over this year. Polis also allocated $7.3 million for universal preschool and aims to generate more revenue by raising gaming and nicotine taxes. He intends to utilize $100 million from the sale of Pinnacol Assurance, a state-chartered mutual company, to establish a trust fund for the Colorado Child Care Assistance Program.

This move would greatly expand access to childcare subsidies for children and families. Additionally, Polis proposed setting up a new Colorado Department of Higher Education and Workforce Development, with $4.7 million allocated for the initiative. The budget also allows for a 3% tuition increase for in-state students and a 4% increase for nonresidents.

To support adult education, $1.2 million has been set aside for extending the Colorado Adult High School Grant Program, which provides free high school diplomas to those aged 21 and above. Lastly, the governor wants to fund afterschool and summer programming for three more years by spending $3.5 million.