Colorado legislative budget writers scuttled a request from Gov. John Hickenlooper’s administration to add $30 million to a college scholarship fund, saying it has failed to meet expectations.
A Democratic-led legislature created the College Opportunity Scholarship Fund in 2014 as a public-private partnership to provide money for talented low-income students to attend higher education. It put $34 million to the effort in the first year.
But so far, the initiative has attracted little private matching money — just a $1 million commitment over the next 10 years from the Colorado Quarterly Forum. The fund currently has about $30 million after making roughly $3.4 million, according to legislative analysts.
Hickenlooper made it a priority of to put another $30 million in the fund to “instill additional confidence in the state’s commitment to this program” and “leverage tens of millions” from private donors. He repeated his ask to lawmakers .
But a staff analyst at the Joint Budget Committee pooh-pooh the program Tuesday, based on prior efforts. The staff recommended that lawmakers put just $5 million to the fund this year.
“While staff appreciates the grand vision behind this initiative, staff is uncomfortable recommending more (money) than this, in light of the program’s lack of a track record,” wrote Amanda Bickel, the higher education analyst.
Sen. Kent Lambert, the JBC chairman, agreed with her sentiment. “If they can’t (raise money) it doesn’t seem like a sustainable program,” the Colorado Springs Republican said.
Lambert pushed to not send any money to the fund (known as COSI) — and his motion passed 6-0. The committee later revisited the issue and put $4 million more into the fund.
The fund can still spend 10 percent of its balance, according to the law, to issue grants. The governor’s office may also ask lawmakers to reconsider the move as they finalize the state budget proposal in coming days.
On a broader level, state law requires lawmakers to increase student financial aid subsidies by at least the same percentage as the increase in money for the state’s college campuses.
Hickenlooper’s administration asked the budget committee to waive the law for the fiscal year 2016 budget being developed but the lawmakers rejected it.
