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CSU asks JBC to approve $94 million cash appropriation for veterinary project; staff says CDC approved request
Summary
Colorado State University sought a $94 million cash appropriation tied to a veterinary project that was previously approved by the Capital Development Committee (CDC). JBC staff said the project is a mix of cash and certificate of participation financing and that the CDC recommended the cash appropriation after CSU realized it was required.
Andrea Ewell, JBC staff, told the Joint Budget Committee that Colorado State University requested a $94 million cash appropriation for a veterinary project that was previously placed on the COP (certificate of participation) list under House Bill language.
"This was a late ask from CSU for $94,000,000 of cash, for the CSU veterinary project. ... I think they weren't thinking of it as a mix of cash and state funds. But the COPs are state funds... The CDC heard their presentation and officially approved it last week saying, yes, we need this cash appropriation," Ewell said.
Ewell explained the financing is a mix of cash and COP proceeds, and staff advised the committee that institutions sometimes treat fully cash projects differently than projects that include state COP financing. She said CSU had discussed alternatives with CDC staff but CDC concluded an appropriation was warranted.
Committee members did not raise objections at the time; staff said they would draft the appropriation language for the conference committee report.
Committee direction: staff to draft conference wording reflecting the CDC action and the requested $94 million cash appropriation for the CSU veterinary facility.
