(The Center Square) – Gov. Jared Polis on Monday signed into law Colorado’s $40.6 billion budget for fiscal year 2024-25.

The new budget marks a 3.7% increase compared to the previous state budget, and includes over $500 million more in funding for public education.

Polis highlighted increases in funding for education and affordable housing in House Bill 24-1430, also known as the “long bill.”

“This bipartisan budget builds a stronger, brighter, and safer future for Colorado where we invest in students, have housing people can afford near work and transportation options, and live in safer communities,” the governor said in a statement. “By fully funding our schools, creating more housing now, and making our neighborhoods safer, Coloradans can continue to thrive in our beautiful state. I thank the legislature for its partnership and I look forward to seeing these investments improve the Colorado way of life.”

The state budget includes $141.2 million to eliminate the budget stabilization factor and $22.1 million more for universal preschool. The budget also includes $24 million in spending for school districts dealing with an increase in new migrant students.

“I am pleased to see that we have reached this milestone in the process. Every budget-making process has its challenges, and this one certainly has been no exception,” said Sen. Rachel Zenzinger, D-Arvada, and vice chair of the Joint Budget Committee, which authors the budget. “But the hard work has been worthwhile: we eliminated the budget stabilization factor that we inflicted upon our schools a decade ago; and now K-12 is fully funded. What a joy to make that statement.”

The budget also includes $58 million in funding aimed to foster more affordable housing and $30 million more for public safety.