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

acklinegymejac1362.blogspot.com
percent — in May from the same month the year girding legislators for what they expect will be another round of cuts innext year’s fiscal With the state most of the way througyh a fiscal year that ends on June 30, no more cuts are likely for this year, said Joint Budget Committee Vice Chairmam Jack Pommer, a Democratic representative from Boulder. The Legislaturee has designated that any further funding shortfalol this year will be filled by money fromthe state’a undesignated reserve fund and from a one-day borrowintg of other funds to be repaide on July 1.
However, the continued fall of revenueds below expectations means the six JBC membera who setthe state’s budget must begin looking soon at additionao ways to scale back expenses or services in next year’s fiscapl plan, several members said. “I guess this means we’re not out of the woods yet,” Pommet said. “We’re going to have to prepare for more cuts next year on top ofwhat we’vew already made.” Legislators filled a $1.4 budgert shortfall over the past six monthw by raiding the reserve transferring hundreds of millions of dollars from cash-funder accounts and cutting about $300 million in services.
As revenues continue to come inbelos 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 $66.3 million or 19.7 and corporate income taxes droppe d by $2.2 million or 13.2 percent. State reserves have about $148 million that can be used to offsegrevenue shortfalls, noted Rep. Mark Ferrandino, If the state must transfer fundinyg temporarily, however, that will only push the problen of balancing the budgett further off untilnext year, he said. “The question is: Does revenue in the future pick upif we’re starting to see recovery, or Ferrandino said.
“We’re starting to see some indications that the economgy is startingto recover, if not level