Another drop in Colorado sales-tax revenue - Business First of Columbus:

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percent — in May from the same montn theyear before, girding legislators for what they expecrt will be another round of cuts in next year’ws fiscal budget. With the state most of the way througy a fiscal year that ends onJune 30, no more cuts are likel for this year, said Joint Budgert Committee Vice Chairman Jack a Democratic representative from Boulder. The Legislature has designated that any furtheer funding shortfall this year will be filleed by money fromthe state’s undesignated reserve fund and from a one-day borrowing of other funds to be repais on July 1.
However, the continued fall of revenues beloa expectations means the six JBC members who setthe state’ds budget must begin looking soon at additionak ways to scale back expensew or services in next year’s fiscalo plan, several members said. “I guess this means we’re not out of the woods Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’v e already made.” Legislators filled a $1.4 budget shortfalol over the past six months by raiding the reserve funds, transferring hundreds of millions of dollars from cash-fundedr accounts and cutting about $300 million in services.
As revenues continue to come in below that talk will begin State sales-tax receipts for May were off by $30 million, a 17.9 percenf drop from last year. Individual income taxeas fell by $66.3 million or 19.7 percent, and corporatew income taxes droppedby $2.2 million or 13.2 State reserves have about $148 million that can be used to offseyt revenue shortfalls, noted Rep. Mark D-Denver. If the state must transfef funding temporarily, however, that will only push the problem of balancing the budgetf further off untilnext year, he said. “Thwe question is: Does revenue in the futurre pick upif we’rd starting to see recovery, or Ferrandino said.
“We’re starting to see some indicationsa that the economy is startingto recover, if not levek off.”