11/4/08-Funding for roads and bridges in Colorado could take a big hit under Gov. Bill Ritter’s $19.2 billion budget proposal.
The governor warned this month that the state’s budget could be slashed by one-third in 2009-2010. Reasons cited include a struggling national and global economy. Also blamed were decreased federal funding and state transportation revenues.
Ritter said in a released statement the situation the state is in shows the urgency to have the Colorado General Assembly address a major transportation funding package. His plan includes putting aside $77 million in an unprecedented rainy-day fund that could be used for “critical services.”
If the reserve has not been tapped by June 30, 2010, it would be dispensed with $40 million routed to a permanent rainy-day fund that would grow to more than $200 million over five years. Another $30 million would be tapped for bridge work that would rise to more than $150 million over five years. The remaining $7 million would be used for jobs and economic development.
Ritter’s plan would slash $428 million from transportation spending next year, down from the current $1.3 billion.
The General Assembly will consider the governor’s proposal when they gather for the 2009 regular session. House and Senate lawmakers are likely to make modifications to the plan in an effort to approve the budget next spring.