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Five million and counting. That’s the latest tally of the population of Colorado, a number that was hit sooner than expected.

The milestone also is remarkable because it was reached amid a serious recession, and because of the implications it holds for the state’s future.

Census projections show the state is expected to gain nearly 800,000 more people during the next two decades, growing significantly faster than the national average.

The growth we’ve already seen and the growth that is coming make for a compelling case for the need for better state financial planning.

Colorado policy makers must find stable funding streams for transportation (the $250 million annually from FASTER was just a start), higher education and other vital government services.

Think about what has happened over the last couple of years. Even with an influx of people — 40 percent of new Colorado residents moved here from somewhere else — the state is suffering a serious revenue problem.

Presumably, more people would equate to more revenue, but those people also tax government services as well.

The governor and state lawmakers have struggled to cut some $1.5 billion out of the state budget over two fiscal years, hacking away at higher education and K-12, instituting furlough days for state workers, and cutting services from mental health to Medicaid.

All of that came as the state was among the fastest growing in the nation.

The culprit, of course, is the state’s tangle of spending mandates and revenue restraints. Far too much of the budget is off limits to cuts. Most anyone who pays even a little attention to Colorado’s budget knows this.

What is missing, so far, is the political will to make targeted changes that would give elected officials the responsibility to do what we pay them to do — make appropriate budgetary decisions in difficult situations.

And if you don’t like what they’ve done, throw them out. That’s representative democracy.

Crossing the 5 million mark in state population is an appropriate moment to reflect on the challenges the state will face in the future. (And we didn’t even mention water.)

The test for state policy makers will be in how they respond.

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