May 4, 2010 4:05 PM by Bea Karnes, News First 5
The Senate has given initial approval to a bill that would give Colorado colleges more flexibility to set tuition rates after lawmakers warned funding for colleges is headed for a cliff in the next year or two.
Sen. John Morse, a Colorado Springs Democrat, says the state plans to cut state funding by $300 million next year to cover a projected $1.7 billion budget shortfall next fall.
He says elimination of federal subsidies and increased demands for Medicaid funding in future years, which lawmakers call the "budget cliff," will only make it worse and colleges need to be prepared.
The bill faces a third reading before it goes to the House.