DENVER—The leaders of Colorado’s legislature came together with only a few days left in the session to announce a bi-partisan deal to pay for more roads and transit in Colorado.
It’s a compromise neither side of the building is completely happy with, but one that they feel strikes a balance.
Democrats, who control the House, aren’t wild about spending money from your income and sales taxes on roads, but agreed to do so.
Republicans, who control the Senate, aren’t wild about using state tax dollars on local government projects or mass transit, but gave ground on that.
They’ve agreed to spend $495 million in next year’s budget on transportation and another $150 million the following year—with 70 percent going to CDOT, 15 percent to local governments, and 15 percent to “multimodal” transportation.
But that’s a band-aid on a multi-billion dollar problem. Lawmakers have a plan to raise that kind of money, too.
But theirs is one of three “roads” voters could choose to go down in 2018 and 2019.
ROAD 1: “Fix Our Damn Roads”
• 2018 election, not yet qualified for ballot
• $3.5 billion in bonds
• No new taxes
• No fixed repayment plan, lawmakers would have to find the money in existing tax revenue
ROAD 2: “Transportation Funding”
• 2018 election, not yet qualified for ballot
• $3.7 billion in bonds
• Raises sales tax by 0.35% for 20 years (average cost of $74/year per taxpayer)
ROAD 3: “Senate Bill 1”
• 2019 election, only offered to voters if no measure passes in 2018
• $2.3 billion in bonds
• Legislature pitches in $50 million / year from general fund to pay back $1 billion of the cost over 20 years.
