Colorado Gov. Jared Polis is proposing a year of “belt-tightening” to make up for softening inflation and higher Medicaid costs. He presented his budget proposal for the upcoming fiscal year on Friday afternoon. It doesn’t account for Tuesday’s elections, which include some potentially costly measures on the state ballot. The next legislature, which is also being elected Tuesday, will ultimately pass the budget for the upcoming fiscal year, which begins July 1. Polis, a Democrat in his final term, sought to cover a projected shortfall of about $640 million shortfall that was largely driven by high caseload costs for Medicaid patients.