The Colorado legislature’s budget committee has introduced Senate Bill 310, which aims to provide the $350 million for public safety approved by voters under Proposition 130. The bill directs the state treasurer to issue a warrant from the general fund reserve, with the funding going to the Public Employees’ Retirement Association (PERA) to address its unfunded liability. The bill reduces the annual payment to PERA to $190 million per year until the entire $350 million is paid, which is expected to take a minimum of 10 years. Additionally, the bill allocates funds for a death benefit fund, which would pay a death benefit to the widow of a Golden police officer killed in the line of duty last year. However, the bill does not appear to allow for this first payment until next year.
Proposition 130 created the Peace Officer Training and Support (POTS) Fund, which includes provisions to increase pay for law enforcement officers, provide hiring bonuses, hire additional officers, and offer ongoing training. The bill is seen as addressing an issue raised by Gov. Jared Polis during his State of the State address, but it has been assigned to the Senate Appropriations Committee. The bill also prohibits the general fund reserve from dipping below $1 billion and is expected to leave the reserve at about $2.2 billion by 2024-25. If passed, Senate Bill 310 will provide critical funding for public safety initiatives in Colorado while also addressing financial obligations to PERA and supporting the families of fallen officers.
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