Another drop in Colorado sales-tax revenue – Denver Business Journal:

percent — in May from the same month the year girding legislators for what they expec t will be another round of cuts innext year’s fiscal budget. With the state most of the way througb a fiscal year that ends onJune 30, no more cuts are likel for this year, said Jointr Budget Committee Vice Chairmajn Jack Pommer, a Democratic representative from The Legislature has designate d that any further funding shortfall this year will be fillex by money from the state’s undesignated reservew fund and from a one-day borrowing of other funds to be repaie on July 1.
However, the continuex fall of revenues below expectations means the six JBC members who setthe state’ds budget must begin looking soon at additional ways to scales back expenses or services in next year’e fiscal plan, several members said. “I guessa this means we’re not out of the woodes yet,” Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’ved already made.” Legislators filled a $1.
4 budget shortfall over the past six months by raidingy the reserve funds, transferring hundreds of millionw of dollars from cash-funded accounts and cuttingh about $300 million in As revenues continue to come in beloq forecast, that talk will begin State sales-tax receipts for May were off by $30 a 17.9 percent drop from last Individual income taxes fell by $66.34 million or 19.7 percent, and corporate incomse taxes dropped by $2.2 million or 13.2 State reserves have about $148 million that can be used to offsetr revenue shortfalls, noted Rep.
Mark Ferrandino, If the state must transfer funding however, that will only push the proble of balancing the budget furtherf off untilnext year, he “The question is: Does revenud in the future pick up if we’re startingt to see recovery, or Ferrandino said. “We’re starting to see some indicationsz that the economy is startingtto recover, if not level off.”
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