Colorado Gov. John Hickenlooper has proposed a $26.8 billion budget for the state’s next fiscal year, which begins July 1.
“Colorado’s economic activity continues to outperform the national expansion,” Hickenlooper said during his presentation to the Joint Budget Committee. “Total employment and personal income have steadily increased for several years running. The state’s unemployment rate stands at 4.7 percent, the lowest since 2008. Looking ahead, the most likely scenario is for the momentum to continue at a steady pace.”
The budget includes several rebates adding up to $167.2 million, but somewhere in that total is $30.5 million from the state’s legal marijuana industry. Marijuana businesses generated more revenue than was expected by the 2013 ballot measure Proposition AA — which was ratified to deal with such funds — and taxpayers could very well see some of that money returned.
The budget also calls for $33.6 million from the Marijuana Tax Cash Fund for the “enforcement and oversight of Colorado’s new marijuana industry,” and for the “continuation of several initiatives that promote public health and public safety, robust regulatory oversight, law enforcement and the prevention and deterrence of youth marijuana use.”
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Photo Credit: Larry Johnson