{"id":271,"date":"2025-03-08T11:01:11","date_gmt":"2025-03-08T12:01:11","guid":{"rendered":"http:\/\/spanishliteratureintranslation.com\/?p=271"},"modified":"2025-03-11T18:27:29","modified_gmt":"2025-03-11T18:27:29","slug":"opinion-dont-raid-coloradans-unclaimed-property-to-patch-up-the-states-broken-budget","status":"publish","type":"post","link":"http:\/\/spanishliteratureintranslation.com\/index.php\/2025\/03\/08\/opinion-dont-raid-coloradans-unclaimed-property-to-patch-up-the-states-broken-budget\/","title":{"rendered":"Opinion: Don\u2019t raid Coloradans\u2019 unclaimed property to patch up the state\u2019s broken budget"},"content":{"rendered":"

By now readers are well aware of the $1.2 billion budget hole state lawmakers are urgently trying to fill. As a former member of the Joint Budget Committee, I empathize with the tough choices ahead. But as Colorado state Treasurer, it\u2019s my job to consider our state\u2019s long-term fiscal outlook. Without sustained attention to the budget\u2019s foundational problems, I\u2019m afraid we will find ourselves in the same predicament year after year.<\/p>\n

First, it\u2019s important to acknowledge how we got here. Despite our strong economy, the state must pay for more with less due to ballooning Medicaid costs<\/a> and the end of pandemic-era federal funding. The revenue caps mandated by the Taxpayer’s Bill of Rights (TABOR) and new commitments approved through Proposition 130 further limit the cash we can use to fund essential services, like K-12 education and health care.<\/p>\n

This fiscal dilemma has state leaders scrambling for solutions \u2013 ones I worry could hurt us down the road.<\/p>\n

For example, some lawmakers have suggested raiding the state\u2019s unclaimed property trust fund — which holds $2 billion of lost assets \u2014 to cover the shortfall. Coloradans hold the right to reclaim their personal funds at any time through the Great Colorado Payback, and we should never use their private money to fund programs or services, however well-intentioned. Other proposals would require the Treasury to gamble with the state\u2019s investment portfolios, unnecessarily increasing risk in the long term.<\/p>\n

Robbing Peter to pay Paul may work this session, but it will not rescue Colorado from our persistent budget emergency. We must take steps that will set us up for sustainable growth.<\/p>\n

First, we should seriously consider tapping into the state\u2019s reserve funds. When it\u2019s pouring outside, you don\u2019t wait until your basement floods to take action. Given the perfect storm we\u2019re facing this session, let\u2019s use one-time money to plug the hole and avoid brutal cuts that harm everyday Coloradans.<\/p>\n