GOV. RITTER INKS BUDGET MODERNIZATION ACT OF 2009

Taking a big step toward modernizing Colorado's state budget, Gov. Bill Ritter today signed a bipartisan bill that begins to untie a knot of outdated and conflicting fiscal mandates and doubles the state's rainy day reserve fund.

 

Senate Bill 228, sponsored by Republican Rep. Don Marostica and Democrats Sen. John Morse and Rep. Lois Court, establishes consistent and reliable funding for transportation projects, while also removing an arbitrary allocation formula that prevents the recovery of vital state services when the economy recovers.

 

"Unlike other states, 21^st century Colorado is saddled with outdated and conflicting 20^th century budget laws," Gov. Ritter said. "This modernization act levels the playing field. This is a fiscally responsible measure that maintains one of the nation's tightest caps on spending and does not raise taxes. It simply provides greater flexibility so the state can make wiser investments with existing resources."

 

"We learned this year that you have to make tough choices if you want to do what is right," Sen. Morse said. "We made tough choices and thanks to SB 228 Colorado will be better positioned to recover from this down economy.  228 gives us the flexibility to address economic realities, maximize federal recovery dollars, and budget according to needs, rather than arbitrary formulas, in order to protect Colorado's top priorities. People like to talk about their values, but years like this force you to live them."

 

"This is a fiscally responsible approach to creating a rainy day fund and ensuring that we are adequately funding transportation and capital construction," Rep. Marostica said. "More importantly, this accomplishes those goals without raising taxes."  

"For the first time in over 15 years, the elected representatives in Colorado's legislature will be able to craft a budget based on the priorities that our constituents -- the middle class and working families -- tell us they value," Rep. Court said.

 

Friday is the final day for Gov. Ritter to take action on bills from the 2009 legislative session. Click here or visit www.colorado.gov/governor for a complete list of 2009 bills signed into law.