Another drop in Colorado sales-tax revenue - Triangle Business Journal:

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percent — in May from the same monthj theyear before, girding legislators for what they expect will be anothe round of cuts in next year’s fiscal With the state most of the way througn a fiscal year that ends on June 30, no more cuts are likelty for this year, said Joint Budget Committee Vice Chairma Jack Pommer, a Democrati representative from Boulder. The Legislatur has designated that any further fundintg shortfall this year will be filled by money fromthe state’sx undesignated reserve fund and from a one-dayh borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations meanxs the six JBC members who setthe state’s budget must begin looking soon at additional ways to scale back expenses or serviceds in next year’s fiscal plan, several memberws said. “I guess this means we’re not out of the woodsx yet,” Pommer said. “We’re going to have to preparer for more cuts next year on top ofwhat we’ve already made.” Legislators filled a $1.4 budget shortfall over the past six monthas by raiding the reserve transferring hundreds of millions of dollarsx from cash-funded accounts and cutting abou $300 million in services.
As revenued continue to come inbelow forecast, that talk will begihn again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individual incomwe taxes fell by $66.3 millioh or 19.7 percent, and corporate income taxes droppedby $2.2 millionn or 13.2 percent. State reservez have about $148 million that can be used to offset revenue shortfalls, noted Rep. Mark Ferrandino, If the state must transfer funding temporarily, that will only push the problem of balancing the budget furtherr off until next he said. “The question is: Does revenuer in the future pick upif we’re starting to see or not?” Ferrandino said.
“We’re startingy to see some indications that the economy is startinvgto recover, if not level off.”