Governor Outlines $12M Economic Stimulus Plan for Colorado

November 19, 2008

Gov. Bill Ritter announced his administration's plan to inject $12 million into initiatives that promote job training, provide small businesses with access to capital, and invest in the state's New Energy Economy and bioscience sectors.

The proposals were outlined as part of the governor's fiscal year 2009-10 budget recommendations earlier this month, which includes nearly $5 million for economic development initiatives in the upcoming fiscal year and another $7 million contingent upon budget reserves in 2010.

>From the 2009-10 General Fund, the governor recommends $4.9 million for economic development incentives divided among three priorities:

  • Helping small businesses gain access to capital and creating education and outreach programs to improve the availability of credit to small businesses;
  • Establishing job training programs at community colleges in the areas of renewable energy and energy efficiency. This proposal would use the existing structure of Colorado FIRST, a workforce development program that focuses on science and technology; and
  • Renewable energy economic activities within the Governor's Energy Office.

The remaining $7 million will be held in reserve until the end of the fiscal year in 2010. In addition to the above-mentioned priorities, the governor's office will consider increased investments in the state's Clean Energy Fund and new infrastructure and commercialization projects under the Bioscience Discovery Evaluation Grant Program. Gov. Ritter's budget proposal calls for a total $77 million to be deposited into the reserve fund, which will become available on June 30, 2010, if economic conditions allow.

The FY09 budget recommendation includes an additional $40 million for higher education, a 5 percent increase over the FY08 appropriation.

View Gov. Ritter's FY 2009-10 budget request at: http://www.colorado.gov/cs/Satellite?c=Page&cid=1225731668405&pagename=OSPB%2FGOVRLayout&rendermode=preview

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