DENVER—Today, the House passed legislation that makes several significant changes to how the state government forecasts its budgetary needs. House Bill 1430, sponsored by Representative Kevin Van Winkle (R-Highlands Ranch), requires state agencies and departments to develop and annually update a long-range financial plan that includes: specifically defining their mission and goals; anticipated trends or events; their best and worst performing programs, and most importantly, a multi-year budget forecast.
“Republicans have been calling for substantive changes to Colorado’s budget process for a long time, and while there are other changes that we need to implement, requiring a multi-year forecast is a good step towards responsible fiscal policy,” said Van Winkle “I am grateful for the Republican leadership on this bill and know it will save tax dollars in the future.”
Currently, state agencies and departments are not required to produce a budget forecast that looks beyond the upcoming fiscal year.
House Bill 18-1430 passed the House 63-2, and is expected to pass the Senate.