DENVER -- Colorado's proposed budget fix to save higher education from dramatic cuts could very well end up in the courtroom.

The budget package includes a plan to take money from state-created Pinnacol Assurance to undo $300 million in proposed cuts to higher education.

Pinnacol provides worker's compensation insurance for high-risk employees. The company gets no state money and its CEO says state law forbids the state from seizing any of Pinnacol's money.

Ken Ross told 7NEWS he will fight the issue in court if needed. He said he doesn't have the authority to write a check for $50,000, let alone $500 million.

A final Senate vote is expected Monday, but Pinnacol has called on protestors to come to the Capitol to urge a no vote.

Lawmakers backed few additional cuts to ease the potential hit to state colleges and universities should the Pinnacol plan fall through. They include cutting funding for extra security at the state Capitol imposed after a fatal shooting outside the governor's office two years ago.

Democrats rejected a Republican proposal that would have taken $3 million in vocational training for inmates and given it to higher education.