The Colorado Legislature recently wrapped up its session after achieving significant milestones in various areas. The session saw the passing of a fiscal 2025 budget, changes in school funding, a property tax cut, and measures targeted at advancing multi-billion-dollar passenger rail projects and a bond-financed purchase of a historic hotel. Senate President Steve Fenberg described the session as “nothing short of transformational,” highlighting the magnitude of the accomplishments in various sectors. Governor Jared Polis echoed this sentiment, emphasizing that this session marked the most significant progress since he assumed office in January 2019.
One of the key highlights of the legislative session was the boost in public school funding. Governor Polis emphasized that for the first time in 14 years, schools in Colorado would be fully funded. This translates to an increase of approximately $17,000 per classroom in additional resources. Lawmakers took a crucial step by eliminating the budget stabilization factor that had been in place since 2010. This move allows the state to allocate education funding without using it to balance the overall state budget.
Another significant accomplishment of the session was the bipartisan support for a $1.3 billion property tax cut. The aim of this initiative was to address the escalating property values that had resulted in substantial tax bill hikes for property owners. Senate Bill 233 was instrumental in controlling the growth of assessed property values for residential and commercial properties. Additionally, the bill mandated an increase in state funding for school districts to offset the lost revenue from property tax cuts.
The Colorado Legislature also made strides in pushing forward long-awaited passenger rail projects. Senate Bill 184 paved the way for the Colorado Transportation Investment Office to impose a daily fee on short-term car rentals to fund rail and transit projects. The revenue generated from this fee is projected to support federal funding efforts for rail infrastructure. Moreover, the Front Range Passenger Rail District was tasked with developing a plan to commence rail services by 2029. Plans for extending rail services to neighboring states like New Mexico and Wyoming are also in the pipeline.
In a bid to preserve cultural heritage and promote tourism, the legislature passed legislation that allowed the Colorado Educational and Cultural Facilities Authority to issue debt for acquiring the historic Stanley Hotel. This iconic hotel, which served as the inspiration for Stephen King’s classic novel “The Shining,” will undergo renovation and be managed by a nonprofit subsidiary. The refurbished hotel is expected to include amenities such as film centers, gift shops, and dining establishments to enhance the visitor experience.
The session also saw a boost in funding for Denver Health, Colorado’s primary public safety net healthcare provider. Amid challenges posed by rising uncompensated care, especially for migrant populations from the southern border, state lawmakers approved $5 million in one-time funding for the health system. This additional support aims to address the financial strain faced by Denver Health in providing essential medical services to vulnerable communities.
The Colorado Legislature’s recent session was marked by pivotal achievements across education, taxation, transportation, cultural preservation, and healthcare sectors. The bipartisan cooperation and strategic policy decisions underscore the state’s commitment to driving positive change and fostering economic growth. As Colorado continues to navigate evolving challenges and opportunities, the outcomes of this session serve as a testament to the state’s resilience and leadership in addressing critical issues affecting its residents.