State Budget Goes To Governor

The state Legislature on Monday gave final approval to the $13.4 billion proposed budget for 2003-04. The budget, which reflects about $1 billion in reductions, now goes to Gov. Bill Owens, who has 10 days to sign or veto it.

Included in the budget is $2 million for the Colorado Commission on Higher Education that earlier had been cut. Last week, the House voted to eliminate $2 million and 26 employees from the commission, leaving just $97,300 in the CCHE's budget, not enough to pay the roughly $120,000 salary of Executive Director Tim Foster. On Monday, the House and Senate compromised on a plan to restore full funding, finding the necessary $2 million from other areas.

The budget includes $260 million that the state would gain from selling a portion of the tobacco settlement fund. Because of changing bond market conditions, the sale of part of the tobacco settlement may prove to be too costly. If that's the case, the state will need to look elsewhere for the $260 million. One possibility would be to sell state properties to get quick cash and then to lease the properties back. The state would own the properties at the end of the lease term.