Of the $36.5 billion, $12.5 billion is from the General Fund, which supports basic state-funded services, such as K-12 education, prisons, courts, and public assistance. In FY 2020-21, the state budget totals about $36.5 billion. When most people talk about the state budget they are referring to the state budget that is set annually by the state legislature. If a bill becomes law, this funding is added to the funding in the Long Bill and capital budget bills to form the operating and capital budgets. In addition to budget-related bills, a large portion of the bills introduced by the state legislature also require funding. The Governor may veto the entire Long Bill or veto funding for specific purposes in the Long Bill (called a вЂњline-item vetoвЂќ). Once a bill is passed, it must be approved by the Governor to become law.

Like other bills, the state legislature amends and votes on the Long Bill before the end of the legislative session, which lasts 120 days from early January to early May.

The Long Bill includes funding for most state expenditures. The вЂњLong BillвЂќ and other major spending bills are typically introduced in late March. These committees prioritize requests made by departments, and the Joint Budget Committee introduces legislation reflecting its recommendations to the whole state legislature. Department budgets for day-to-day operations are presented to the Joint Budget Committee, while major construction and information technology projects are presented to the Capital Development Committee and the Joint Technology Committee. The Governor, elected officials, and the judicial branch review proposals from the agencies that they oversee and submit their prioritized recommendations to the legislature by November 1. Budget PreparationДepartments work on their budgets year-round. The state legislature sets next yearвЂ™s budget during the current fiscal year. The state fiscal year runs from July 1 through June 30 each year. Three major funds make up about a third of the stateвЂ™s operating budget.ДЇederal funds include federal government funding for programs such as K-12 education, transportation, and assistance programs, such as Medicaid and Temporary Assistance for Needy Families. Learn More About Where Funding Goes Budget Sources Some local governments, such as the Regional Transportation District (RTD), are administered and funded locally without state support. While the state provides a portion of this funding, these services are administered at the local government level. Additionally, a portion of the state budget goes to local governments, including school districts, cities, and counties, to help fund K-12 education, local roads, and public assistance programs. The state budget provides funding for state services, including health care, human services, higher education, state roads, and state courts and prisons. The last time this occurred was in 1999 when voters approved $1.7 billion in bonds for transportation projects. With voter approval, the state can take on a limited amount of debt by issuing bonds that must be repaid over a set period of time. In other words, unlike the federal government, the state cannot run a deficit. The Governor, elected officials, and state agencies submit annual budget requests to the legislature.Д¬olorado must maintain a balanced budget each year, meaning that spending may not exceed the amount of tax and fee revenue that the state collects or saves. The state legislature determines the state budget.

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