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Colorado - Thu. 08/07/25 |
A Free Business Publication from Alpine Bank
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GOV. POLIS INSTITUTES HIRING FREEZE, CALLS LEGISLATURE BACK INTO SESSION
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At a news conference Wednesday, Gov. Jared Polis announced he is implementing a state government hiring freeze starting Aug. 27 and continuing through the end of the year. He is also calling the legislature back into session for a minimum of three days with the task of cutting or finding some $780 million to offset the loss in revenue in Fiscal Year 2026, which ends June 30, 2026. The loss represents more than 4.5 percent of the state’s general fund budget. The governor said the hiring freeze would save between $3 million and $7 million. Gov. Polis has advanced proposals to the legislature that would save $300 million, and his budget office recommends taking 2 percent of the reserve fund, which would be another $300 million. However, even if the legislature agreed to all those measures, there still would remain nearly another $100 million to be cut.
In addition to the heavy burden of the state’s budget and revenue issues, the governor is also charging the legislature with addressing the state’s artificial intelligence law, which will go into effect in February. Businesses have pushed back against the rules covering AI established in the law, arguing that the new law is problematic, potentially penalizing mom-and-pop end users of the technology, instead of the big companies that created the AI software.
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WILDFIRE UPDATES: WESTERN COLORADO, GRAND CANYON, EVACUATION AREAS
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The nation’s largest wildfire, the Dragon Bravo Fire on the North Rim of the Grand Canyon, continues to burn, with only 13 percent containment. It has burned over 126,000 acres. Fredonia, Arizona’s northernmost town and the Kanab area in southern Utah, which both rely on tourism, have been affected by the closures to the North Rim of the Canyon. In Colorado, four fires burning in western Colorado spread to more than 31,000 acres as of the report by fire officials on Wednesday. The four fires - the Lee Fire, Elk Fire, Leroux Fire and Stoner Mesa Fire - have resulted in multiple Colorado and federal recreation areas being closed Wednesday, including Oak Ridge, Rio Blanco, Colorow Mountain and Piceance state wildlife areas and parts of the White River National Forest and San Juan National Forest. The Lee Fire and Elk Fire have forced the greatest area of evacuations.
The areas are displayed on the Rio Blanco Sheriffs’ site on Facebook. The evacuation center in Rio Blanco County is the Fairfield Center, 200 Main Street, Meeker. The livestock evacuation center is the Rio Blanco County Fairgrounds, 700 Sulphur Creek Road.
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WHITE RIVER NATIONAL FOREST, BLM IMPOSE STAGE 2 FIRE RESTRICTIONS
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Garfield County implemented Stage 2 fire restrictions on July 17. Summit County will impose Stage 2 restrictions on Friday, Aug. 8. Also on Aug. 8, the White River National Forest and Bureau of Land Management Upper Colorado River District will impose Stage 2 fire restrictions on all their managed lands. In the release announcing the Stage 2 fire restrictions, White River National Forest Supervisor Brian Glaspell noted, “We are currently seeing fire danger conditions similar to August 2020, when western Colorado and the White River National Forest saw record-breaking fires.” The restriction orders detailing the specific prohibitions are available at the link below.
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CSP REMINDS MOTORISTS OF NEW SCHOOL BUS LAW NOW IN EFFECT
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Many school districts across Colorado will begin their 2025-26 school year in the next 2-3 weeks and the Colorado State Patrol is reminding motorists that a new state law, SB25-1230, went into effect in May. The new law requires drivers who are approaching a school bus from an oncoming lane to stop unless there is a physical barrier separating the opposing directions of traffic. The goal of the law is to protect children traveling on school buses and it states that if there are painted lines or a painted median separating the opposing directions of traffic, drivers approaching from the oncoming lane must stop. Only when there is a median that is either raised or depressed or a physical barrier separating the lanes can drivers from the oncoming lane continue with caution.
Under Colorado law, drivers must stop at least 20 feet before reaching a school bus that is stopped with its red lights flashing, whether it is on the side of the road, the opposite side of the road or at an intersection. Drivers must remain stopped until the flashing red lights are no longer operating. When the red lights are off and the school bus begins to move, drivers should use caution as there could be children crossing or near the roadway.
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ROAN CREEK FISH BARRIER PROJECT GROUNDBREAKING
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The Middle Colorado Watershed Council broke ground on the Roan Creek Fish Barrier Project in western Garfield County on Aug. 5, marking a major conservation milestone five years in the making. The $1,034,995 project, funded primarily through the Bureau of Reclamation’s WaterSMART Program under the Infrastructure Investment and Jobs Act, aims to protect rare native fish species including a unique strain of Colorado River cutthroat trout. Additional support comes from state and local partners including Colorado Parks and Wildlife and the Colorado River District.
The barrier will prevent invasive species from entering upstream habitats and will replace outdated irrigation infrastructure with modern systems that improve water efficiency and stream health. Garfield County played a key role in securing federal funding, while Wright Water Engineers and Kissner General Contractors are leading design and construction. The project reflects strong collaboration across agencies and is aligned with Colorado’s broader water management goals.
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RTD FUNDS PILOT PROGRAMS, INCLUDING GOLDEN-RED ROCKS/MORRISON ROUTE
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This week, the Regional Transportation District announced another round of pilot program funding, with 8 programs across the metro area. Applicants could apply for up to $900,000 for up to three years. This round had $3 million available. One of the eight pilots includes a fixed bus route that would move commuters from the Jefferson County Government Center in Golden to Morrison Natural History Museum on weekends from 9 a.m. to 5 p.m. with stops like Matthews/Winters Park, Red Rocks Trading Post, and downtown Morrison. There are limited options for concertgoers in making it to Red Rocks not involving expensive rideshares or congested traffic. For example, the Red Rocks Shuttle runs from locations in downtown Denver for summer concerts but costs $65 for a roundtrip. Other pilot programs funded included a free micro transit service in Commerce City; an on-demand micro transit and permanent bus service in Erie; and continuing funding for Longmont's micro transit.
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RETURN TO THE 1970s WITH MCDONALDS’ CHARACTERS AND HAPPY MEALS FOR ADULTS
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If you remember McDonaldland, with its characters like Ronald McDonald, Grimace, Birdie, Hamburglar, Mayor McCheese, and the Fry Friends (a.k.a. the Fry Guys), McDonald's is launching a McDonaldland Meal on Aug. 12. It is a real adult Happy Meal of sorts, featuring either a Quarter Pounder with Cheese or 10-piece Chicken McNuggets, fries, a collectible souvenir, and the new Mt. McDonaldland Shake, which features a mystery flavor the company is encouraging diners to figure out. The meals will include one of six collectible tins that include postcards, stickers, and more, each inspired by the different characters. The McDonaldland ad campaign dates back to 1971 and featured everything from Apple Pie Trees to Hamburger Bushes. McDonald’s isn’t stopping with the meals. It’s also launching a line of McDonaldland merchandise, ranging from luggage tags to shirts and hats. The line is made in collaboration with Pacsun and will be available Aug. 12.
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ESPN TO LAUNCH ITS STREAMING SERVICE AUG. 21
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Sports fans will have more options available to watch games and commentary shows in two weeks, in advance of the college and National Football League seasons. ESPN will launch its new direct-to-consumer streaming service, which is named ESPN, on Aug. 21. Disney’s ESPN has been working on the all-in-one streaming app for some time in preparation for it to come out this fall. The streaming app will include all ESPN content from its linear TV networks and will cost $29.99 a month. On the same date, Fox Corp. will launch its own all-in-one streaming app, Fox One. In more news from ESPN, the company announced Wednesday, it inked a deal with the WWE for the U.S. rights to the wrestling league’s biggest live events, including WrestleMania, the Royal Rumble and SummerSlam, beginning in 2026. CNBC reported it will pay an average of $325 million annually in the five-year deal.
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U.S. NAMES ZAMBIA AND MALAWI FIRST COUNTRIES WITH VISA BOND REQUIREMENTS
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On Monday, the U.S. Dept. of State announced that beginning Aug. 20, 2025, some travelers from foreign countries would be subject to post a bond of up to $15,000 to secure a visa to travel to the U.S. On Tuesday, the State Dept. said that the citizens of the countries of Zambia and Malawi would be the first countries subject to the bond requirement. The State Dept. requirement states: "any citizen or national traveling on a passport issued by one of these countries who is found otherwise eligible for a B1/B2 visa must post a bond in amounts of $5,000, $10,000 or $15,000, determined at time of visa interview. The applicant must also submit a Dept. of Homeland Security Form I-352 agreeing to the terms of the bond, through the Dept. of the Treasury’s online payment platform Pay.gov.
The visa holders who posted a visa bond “must arrive to and depart from the United States via one of the ports of entry”: Boston Logan International Airport (BOS); John F. Kennedy International Airport (JFK); and Washington Dulles International Airport (IAD). The bond and bond money will be returned if the visa holder: “departs from the United States on or before the date to which he or she is authorized to remain in the United States; or does not travel to the United States before the expiration of the visa; or applies for and is denied admission at the U.S. port of entry.”
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COUNTRIES LOOKING TO USE CLIMATE-BASED FEES FOR PRESERVATION EFFORTS
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As there is increasing evidence of rising seas, record heat and other natural disasters, such as wildfires, a growing number of destinations around the world are introducing climate-focused fees on hotel stays, ferry tickets and admission to natural parks and protected areas.
- In January 2024, Greece replaced its overnight stay tax with a Climate Crisis Resilience Fee. Travelers now pay €0.50 to €10 a night, (the current conversion rate is approximately €1:USD$1.16) depending on hotel class and season, with surcharges of up to €20 per person on popular islands like Mykonos and Santorini during peak periods. The government expects to raise €400m annually, which will be directed towards water infrastructure, disaster prevention and ecosystem restoration.
- Bali introduced a 150,000 rupiah ($9.15) fee for international travelers in 2024, which goes to environmental protection.
- The Maldives has imposed a nightly "Green Tax" since 2015, but doubled it in January 2025, with most hotels and resorts now charging $12 per person, per night. Revenues are channeled into a government-run fund for waste management and coastal resilience.
- In New Zealand, an International Visitor Levy – which was first introduced in 2019 but has nearly tripled to around NZD $100 ($60) in 2024. It supports conservation efforts and sustainable tourism infrastructure across the country.
International travelers seem to acknowledge and accept the imposition of additional fees for these efforts if the money is being used well. According to Booking.com's 2024 Sustainable Travel Report, 75 percent of global travelers said they wanted to travel more sustainably in the year ahead, and 71 percent said they hoped to leave the places they visit better than how they found them. A separate 2023 study by Euromonitor found that nearly 80 percent of visitors were willing to pay at least 10 percent more for sustainable travel options.
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THE PERSEID METEOR SHOWER…IN THE MOONLIGHT
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The Perseid meteor shower is the most prolific display of “shooting stars” in any year, but the show this year, Aug. 12-13 will have the best conditions for viewing the 50-75 meteors per hour as a bright moon will be illuminating the night sky:
- The moon will rise shortly after dark Aug. 12 and remain in the sky all night
- The strongest meteor shower of the year is December’s Gemini meteor shower
- Running from Dec. 7 through Dec. 17 and peaking overnight on Dec. 13-14 this year, the Geminids can produce up to 120 meteors per hour at their peak
- Although rates are likely to be vastly reduced, the Perseids do produce some bright “fireballs” that ought to still be visible, if skies are clear
- There will be a short window of opportunity in the evening of Aug. 15 to watch for Perseids in moonless night skies, but the peak for the Perseids has passed so there will be just a handful of shooting stars
- The Perseids are caused by dust particles from comet 109P/Swift-Tuttle, which last visited the inner solar system in 1992. It takes 133 years to orbit the sun
- As popular as the Perseids are, the strongest meteor shower of the year is December’s Gemini meteor shower
- Running from Dec. 7 through Dec. 17 and peaking overnight on Dec. 13-14 this year, the Geminids can produce up to 120 meteors per hour at their peak
- This year, that peak will occur in a moonless night sky, with only a slim waning crescent moon rising in the early hours of Dec. 14
- It’s also the only annual meteor shower known to be produced by a meteor, called 3200 Phaethon
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MARKET UPDATE - 08/06/2025 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 07/31/2025)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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