February 29, 2012

(Denver) – Despite broad bipartisan support and the fact that it saves taxpayers more than $164,000 a day, a bill changing how Colorado counties and cities can invest their savings languishes on the House calendar because the Republican leadership refuses to bring it to a floor vote. HB12-1005, sponsored by Rep. Dan Pabon (D-Denver) and Sen. Ted Harvey (R-Highlands Ranch), would allow counties to invest public funds in securities that have less than two triple-A ratings.  Without that flexibility, counties and local governments are forced to put their public funds in accounts with a lower interest rate. Their hands are tied, and Colorado taxpayers are footing the bill.

GOP dithering is costing Colorado taxpayers $164,383 a day, according to an estimate by the nonpartisan Colorado County Treasurers Association cited today in an article by Tim Hoover in The Denver Post.

“The House Republicans are always talking about respecting taxpayers,” Rep. Pabon said. “I’ve asked the Republican leadership more than once to move this bill. It’s simply absurd to let it just sit there, when everyone knows it’s costing our local governments tens of thousands of dollars every day.”

The bill was approved unanimously by the House Finance Committee on Feb. 2. It has sat on the calendar for four weeks. The Republicans’ 33-32 majority in the House means they alone control which bills are scheduled for committee or floor debate.

“It’s unbelievable how the political games that are being played around here are hurting the people of Colorado and costing taxpayers money,” said Rep. Mark Ferrandino (D-Denver), the House Democratic leader. “I hate to sound like a broken record, but the GOP leadership needs to put Coloradans first.”

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