Weekly Policy Update: Polis Releases FY 2021-22 Budget Request, Prioritizes Advanced Industries Accelerator Grant Program
By: Colorado BioScience Association Date: 11/02/2020
Today Governor Polis submitted his budget request for the 2021 – 2022 fiscal year. The proposal calls for $35.4 billion in total funds and includes three key elements that the administration believes will boost Colorado’s economy and support critical investments:
- Restoring major reductions made to key areas in FY 2020-21
- Investing in stimulus programs to accelerate Colorado’s economic recovery
- Increasing reserve funds to 10%
Advanced Industries Accelerator Grant Program
As part of the $1.3 billion in economic stimulus, the budget proposal includes $140 million to invest in Colorado’s workforce and incentivize business growth in the state. That includes a one-time infusion of $10 million for the Advanced Industries Accelerator Grant Program for the current fiscal year. You can read the Governor’s supplemental budget request for the AI Grant Program here.
The Advanced Industries Accelerator Grant Program is a top priority for CBSA and our community. It provides a critical source of non-dilutive funding for our companies and institutions and has proven to be a strong economic driver for Colorado. Earlier this year, the state faced a $3.3 billion budget shortfall, and the legislature was forced to make budget cuts across many departments and programs. CBSA and our community worked tirelessly to protect the program and as a result, a significant amount of funding was maintained. However, there were some budget cuts to the program for the current fiscal year.
If approved, the FY 2020-21 supplemental budget request would restore those cuts. The request will be considered by the General Assembly’s Joint Budget Committee (JBC) in January. If the JBC approves the supplemental, it would be introduced as legislation for the General Assembly’s consideration.
CBSA is very encouraged by the Governor’s supplemental budget request. We continue to work with our partners at the Office of Economic Development and International Trade (OEDIT) and the other advanced industries to educate state leaders about the value and the impact of the program as we approach the 2021 legislative session.