Bipartisan budget fully funds schools for the first time since 2009, invests in public safety to keep Coloradans safe, and creates more housing now

DENVER - Today, Governor Polis signed the Fiscal Year 2024-2025 state budget to continue building  a stronger, safer, and more affordable Colorado. This budget focuses on providing students and teachers with the tools they need to succeed, creating more housing Coloradans can afford, and investing in data-driven public safety initiatives to make Colorado one of the top ten safest states, all while maintaining healthy reserves to prepare Colorado for any future economic downturns.

“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. 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,” said Governor Polis. 

The bipartisan budget signed by the Governor includes historic data-driven investments to support Colorado students, create housing Coloradans can afford, make Colorado safer, save Coloradans money, and strengthen our workforce.

This budget invests $525.8 Million to provide Colorado students of all ages and teachers the tools they need to thrive including:

- $141.2 Million, specifically to eliminate the Budget Stabilization Factor

- Increasing per-pupil funding by 6.9%, over $16,000 more per classroom

- $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 successful Universal Preschool, 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, this budget builds upon the widely popular and successful Universal Preschool Program that saves Colorado families an average of $6,000 per year on childhood education expenses and free full-day kindergarten saving Coloradans $500 per month, which Governor Polis signed into law in 2019.

This budget invests $58 Million to create more housing that Coloradans can afford now and encourage more housing near job centers and transportation including:

- $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

Governor Polis remains laser-focused on addressing Colorado’s housing needs by creating more housing near job centers and transportation options for rent and purchase that Coloradans can afford. On April 15, 2024, Governor Polis signed legislation that eliminated unfair and discriminatory occupancy limits in Colorado, a strategy he outlined in his 2024 State of the State address.

This budget moves Colorado closer to becoming one of the Top Ten Safest States by investing $30 Million in Public Safety including:

- $9.2 Million to reduce auto theft

- $6.0 Million to support victims of crimes

- $3.0 Million to fund community-based crime prevention grants 

- $2.0 Million for grants to enhance school security

This budget builds upon the Governor’s commitment to making Colorado one of the Top Ten Safest States. Governor Polis has 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 our communities are safe. Under Governor Polis almost every category of crime decreased in 2023, including auto theft and violent crimes.

To see the other investments included in the budget, including steps to reach 100% renewable energy, bolster Colorado’s workforce, and save people money on healthcare, see the Governor’s full letter.