Michael Bennet states that he can handle Colorado’s budgeting process because he did budgets while serving as superintendent of Denver Public Schools. He did, but Denver ended up in a deep financial hole because of his management.
He recommended that Denver Public Schools use an exotic financial solution to cover a $400 million shortfall in its pension fund. The board took his advice and ended up with what a homeowner would call a variable-rate interest loan for 30 years in 2008. Denver ended up paying considerably more in interest than it would have with a standard 30-year fixed-rate loan.
According to the The New York Times (Aug. 5, 2010), the school district hemorrhaged cash for years: “Since it struck the deal, the school system has paid $115 million in interest and other fees, at least $25 million more than it originally anticipated.”
This was a big deal in 2010, when Bennet was running for his second term as senator, and it should still be a big deal when he claims that experience will help him manage Colorado’s budget as governor.
Phil Weiser has managed all the ins and outs of Colorado state governance as attorney general for eight years and is ready to hit the ground running as governor.
I urge a vote for Weiser on June 30, or sooner by mail. I also urge you to tell all your Colorado friends: Weiser for governor 2026, Bennet for senate 2028.
Jean Walter
Durango
