Hullinghorst replaces Democrat Mark Ferrandino, who was term-limited.
While lawmakers seemed generally receptive to the governor's budget plan, disagreements loom over how to handle taxpayer rebates.
House Republicans call the declaration of victory "presumptuous."
The newly re-elected govenor says the close nature of the race won’t change his plans for next four years.
If lawmakers agree, state spending would go up by $1.7 billion in the fiscal year that starts next July.
Home improvements will eventually cost more with two new Colorado laws.
State lawmakers tackle a broad spectrum of issues across 12 major topics in the 2014 legislative session.
The bill also provides more money to clean up illegal tire dumps and establish a system for recycling the waste.