James Coleman anticipates becoming president of the Colorado Senate. But he’s not running unopposed.

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State Sen. James Coleman, in anticipation that he will be elected president of the Colorado Senate in November, is soliciting applications from people who may want to serve as his chief of staff and as his executive assistant, The Unaffiliated has learned.

The applications were sent out by Brittany Joyce, the vice president of business strategy for Coleman Family Enterprises, the LLC run by Coleman and his wife, Shayna.

“I just want to have all that stuff out of the way,” said Coleman, citing the limited amount of time after the Senate Democratic Caucus holds leadership elections Nov. 8 to prepare for the legislative session that begins in January.

The Denver Democrat said he’s already received a few applications but hasn’t done a deep dive yet into who has applied.

Coleman’s interest in being Senate president isn’t a surprise. He has told his colleagues for some time that he wants to succeed current President Steve Fenberg, a Boulder Democrat who is term-limited. But his solicitation of applications for senior staff roles at this juncture is highly unusual, and it’s ruffling some feathers, especially since he isn’t running unopposed.

Sen. Julie Gonzales, another Denver Democrat, is also running for the job.

The election will take place via secret ballot when the caucus meets in the days after the Nov. 5 election. Democrats may have secured a supermajority in the Senate by that point.

In preparation for his bid, Coleman told The Unaffiliated he has been meeting with every Democratic senator in their district, as well as state agency chiefs.

“I’ve been working really hard,” he said, acknowledging that his win isn’t guaranteed. “I feel good about it.”

GONZALES’ CAMPAIGN TO BE PRESIDENT

Gonzales has similarly been meeting with Senate Democrats as she vies to lead the chamber.

“I’m very much enjoying the conversations that I’m having with my colleagues about the work ahead and look forward to that continuing over the next several weeks,” she said. “What is clear is that we are thoughtful and passionate and dedicated to tackling the challenges that Coloradans are navigating.”

She said she’s not focusing yet on who she would hire as her top staffers given that it’s unclear how large the caucus will be after the election.

“Not a single ballot has been cast for this general election, which will decide the strength of our majority come January,” she said. “We’ve got a lot more work ahead of us, so that’s where I’m focusing my time right now.”

WHAT IS COLEMAN FAMILY ENTERPRISES?

Coleman Family Enterprises, an LLC, was formed by the senator in November 2022, according to state business filings.

In June, Coleman filed an annual personal financial disclosure in which he reported between $60,000 and $90,000 in income from the company.

Coleman also reported earning between $90,000 and $120,000 from FaithBridge, a nonprofit where he was last listed on tax documents as vice president. The group, which doesn’t report its donors, says its mission is “to build relationships and bridge resources to ensure the best opportunities, supports and outcomes for students and their families across the state of Colorado.”

Coleman also works with the nonprofits Chance Sports, the Black Capital Foundation and Ednium: The Alumni Collective. He hasn’t reported any earnings from those groups.

Gonzales reported earning between $2,000 and $5,000 from Colibri Strategies LLC on her latest annual personal financial disclosure, which was submitted in January. The company was registered to Gonzales in 2020, according to state records. Colibri is a Spanish word that translates to “hummingbird.”

DO THE MATH

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Since July 15, Colorado courtrooms have seen a surge in unwanted visitors interrupting official proceedings with “violent, racist, pornographic, vulgar and inappropriate” comments or visuals, according to Joint Budget Committee documents.

The JBC last week approved a mid-year emergency spending request for $200,000 for the state courts to beef up the security of its virtual courts and allow administrators to more easily mute and eliminate future disruptions.

THE NARRATIVE

PERA pours more money into private equity

In pursuit of higher returns on the Colorado Public Employees’ Retirement Association’s $61.5 billion portfolio, the state pension board last week voted unanimously to invest an additional $900 million in private equity.

The decision, made at the recommendation of PERA’s staff and consultants, increased the pension’s private equity target to 10% of its investment portfolio, up from 8.5% previously. The board also increased its real estate holdings by the same share, offsetting both changes by a 3 percentage point decrease in its investments in public stocks.

If the move pays off like PERA’s advisers hope, it could help the pension reach full funding by its statutory target of 2048 — a year sooner than currently projected under one of its financial models. But the shift doesn’t come without a number of financial risks — and potential trade-offs.

Pensions all over the world rely heavily on investment returns to meet their promises to retirees. But as public pensions like PERA have seen their finances deteriorate in recent decades, they’ve turned to riskier investments like private equity in order to boost their bottom lines.

In the U.S., public pensions have steadily increased their investments in private equity from 3.5% of their portfolios in 2001 to 14% in 2023, according to Public Plans Data, a pension research site. They’ve also poured more money into real estate investment trusts and hedge funds over that period.

Pensions have helped fuel the growth of private equity across the economy — for better or worse. While PERA notes that its private equity portfolio has long out-performed the public stock market, some pension experts remain wary of the asset class, saying the risks and lack of transparency of private equity outweigh the potential for higher returns.

A new study from the Center for Retirement Research at Boston College found that the shift to alternatives hasn’t helped pension funds outperform more traditional investment portfolios since the Great Recession.

Moreover, private equity has been linked to a number of questionable business practices, harming services across critical industries like health care, housing and child care, sparking federal probes. Ironically, given that they draw large sums of money from unionized workers, private equity firms have also been criticized for anti-labor practices, leading the California state pension to pull back some of its own investments.

At Friday’s meeting, no one on PERA’s board mentioned the criticisms of the industry before voting. Much of its deliberations on private equity were held behind closed doors, during an executive session the day before with its staff. The portfolio change will cost the pension an additional $15 million in annual fees.

“These new long-term targets are expected to help reduce risk in the portfolio and ensure we can continue to provide the lifetime retirement income that so many of Colorado’s public employees rely on,” Chief Investment Officer Amy McGarrity said in a statement posted to PERA’s website.

The change increases the total portfolio’s expected long-term return to just over 7.5%, according to investment consultant Aon. Nonetheless, the board voted to keep its long-term investment assumption at 7.25%.

THE POLITICAL TICKER

CAMPAIGN FINANCE

A newly formed federal joint fundraising committee, New Generation Colorado PAC, will benefit Republicans Gabe Evans and Jeff Hurd, as well as each of their leadership PACs and the National Republican Congressional Committee. Evans is running in the 8th Congressional District, while Hurd is running in the 3rd Congressional District.

POLLING

Vice President Kamala Harris leads former President Donald Trump 53%-42% in a Keating Research poll of likely Colorado voters conducted earlier this month. Two percent said they planned to vote for someone else while 3% said they didn’t know who they would vote for/are undecided.

The poll was conducted from Sept. 11-14 among 500 likely voters. It had a margin of error of 4.4 percentage points.

CONGRESS

U.S. Rep. Yadira Caraveo, D-Thornton, was one of 10 Democrats on Wednesday who voted to condemn President Joe Biden and top members of his administration, including Vice President Kamala Harris, over their handling of the withdrawal from Afghanistan. She joined the three Republicans in the state’s congressional delegation in voting for the resolution.

READ MORE

• Colorado oil and gas industry’s most high-profile advocate steps down
• Colorado’s U.S. senators introduce one of the most ambitious public lands bills in decades
• Judge invalidates vote to remove Colorado GOP Chairman Dave Williams
• Democrats are attacking Gabe Evans on abortion and same-sex marriage. Here’s what he says about those topics.
• Commerce City sustainability manager says she was fired for calling out Suncor
• Colorado Springs man sentenced to 7 months in prison for Jan. 6 riot
• Colorado had the second highest number of job quitters in July
• Rising spending. Falling enrollment. Nervous health providers. Why Colorado’s Medicaid program has the Capitol on edge.
• JD Vance, Donald Trump’s running mate, is scheduled to visit Colorado in October
• Doug Lamborn, like many members of Congress, traveled the world with his spouse on the dime of private groups
  — Boston University and the Howard Center for Investigative Journalism at the University of Maryland
• Political ads in Colorado Congressional District 8 about border crisis get a Reality Check
  — CBS Colorado
• City of Englewood asks residents to return yard signs that say vote “yes” on ballot issue
  — 9News
• Aurora City Council nixes remote public comment following racist diatribe at meeting this month
  — The Denver Post 🔑
• Colorado’s first Latina Supreme Court justice on life, law and making history once again
  — Colorado Public Radio
• 7th Judicial DA resigns as he’s running for reelection, citing toll on health
  — The Ouray Plaindealer

🔑 = source has article meter or paywall

JARED POLIS

Where the governor stands on Colorado’s 14 statewide ballot measures this year

Gov. Jared Polis is usually reticent to reveal his feelings on ballot measures that he doesn’t have a hand in crafting. But this year, with a whopping 14 initiatives on the statewide ballot, he’s making his positions loud and clear.

In a Facebook post last week, Polis revealed he will be voting “yes” on Proposition 131, which would change most of the state’s primaries so candidates from all parties run against each other, with the top four vote-getters advancing to a ranked choice voting general election.

Here’s what he said about the other measures on the ballot:

• Amendment G: Polis said he will vote “yes” on this measure referred to the ballot by the legislature that would expand the number of disabled veterans who can claim a property tax exemption.
• Amendment H: The governor said he will vote “yes” on this measure referred to the ballot by the legislature that would set up a judicial discipline board. 
• Amendment I: This measure, referred to the ballot by the legislature, would let judges deny bail to people charged with first-degree murder, and Polis said he will vote “yes” on it. “This will help make Colorado safer,” the governor said.
• Amendment J: Polis, who is gay and married, said he will vote “yes” on this referred measure to remove the ban on same-sex marriage in the Colorado constitution. 
• Amendment K: This referred measure would move up filing deadlines for citizen-initiated ballot measures, among other more minor changes, and the governor says he will vote “yes” on it.
• Amendment 79: Polis said he will vote “yes” on this measure that would further preserve unfettered abortion access. 
• Amendment 80: Polis said he is “neutral” on this measure that would place language in the state constitution affirming the right of parents and kids to choose their educational path. Opponents fear it will open the door to a voucher program. “I generally support this concept, but I’m not sure exactly what a constitutional right would mean legally,” he said. “Maybe it means that a parent could sue if the state ever tried to ban homeschooling or private school? In that case, it would be good to give parents more rights. On the other hand, it could lead to costly litigation with uncertain outcomes.”
• Proposition 127: This measure, brought by animal rights activists, would ban the hunting of mountain lions, bobcats and lynx in Colorado, and the Polis said he is “neutral” on it, not revealing how he will vote. “Whether this passes or not, I’m confident that Colorado Parks and Wildlife will be able to continue to manage our wildlife effectively to ensure ecological diversity with plenty of opportunities for big game hunting,” he said. “I would love to hear what others think on this one, and I probably won’t have a strong opinion one way or the other, but will certainly work to successfully implement the will of the voters either way.”
• Proposition 128: This measure, brought by a conservative political nonprofit, would force people convicted of certain felonies to serve more prison time before they are eligible for parole. Polis said he is neutral on it, declining to share how he will vote. “I haven’t made up my mind on this one,” he wrote. “In general, I do support tougher sentencing for the worst violent crimes like murder and assault, but I’m not sure micromanaging parole or interfering in judicial discretion is the way to go. I think it might be better to have discretion to fit the crime, the victim’s input, and the circumstances.”
• Proposition 129: The governor said he is a “yes” on this measure that would create a new job class of veterinary professionals in Colorado, saying it would “help save people money on veterinary bills for pets and also better support our ranchers in rural areas with severe veterinary shortages.”
• Proposition 130: This measure, placed on the ballot by the same conservative political nonprofit behind Proposition 128, would set aside $350 million in the state budget for law enforcement, including to be used as a death benefit for first responders. It’s opposed by the ACLU of Colorado, but Polis says he will vote “yes” on it because it would “support our men and women in blue and help make Colorado safer.”
• Proposition JJ: This measure, referred to the ballot by the legislature, would let the state keep all of the sports betting tax revenue it collects. Polis is a “yes” on it. 
• Proposition KK: Polis is a “yes” on this referred measure that would impose a new 6.5% excise tax on gun and ammunition sales in Colorado to fund mental health and victims services.

STORY: Amendment K: Colorado election officials would have more time to prepare ballots

THE BIGGER PICTURE

• Many Americans say immigration is out of control, but 24 hours on the Texas-Mexico border showed a new reality. Will it last?
  — The Texas Tribune/Associated Press
• In the tightest states, new voting laws could tip the outcome in November
  — Stateline
• A Supreme Court justice warned that a ruling would cause “large-scale disruption.” The effects are already being felt.
  — ProPublica
• Gas prices or pollution? The high-dollar fight over Washington cap and trade
  — The Seattle Times 🔑

🔑 = source has article meter or paywall

Corrections & Clarifications

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Type of Story: News

Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources.