September 22, 2012
Phil Vaughan, president of Phil Vaughan Construction Management, Inc. in Rifle, participated in the University of Denver's 2011 Strategic Issues Panel on State Government. On Wednesday Vaughan presented the DU panel's findings to the Yampa Valley Economic Development Council at the Moffat County Fairgrounds Pavilion in Craig.
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Vaughan: Funding reform for education key to avoiding future economic collapse in Colorado
Between fiscal years 2008 and 2010, Colorado’s general fund revenue declined by $1.3 billion, or 16.6 percent, as a result of the national economic downturn. Those declining revenues, coupled with rising program expenditures, resulted in significant budget shortfalls of $1.2 billion in fiscal year 2009, $1.7 billion in fiscal year 2010, $1 billion in fiscal year 2011 and $1 billion in fiscal year 2012. Because the Colorado Legislature is required by law to pass a balanced budget annually, many state funds have been cut drastically in recent years. For example, in fiscal year 2012, spending cuts included the closing of a state prison, a $230 million cut to K-12 education and an $81 million cut to higher education.