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

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percent — in May from the same montgh theyear before, girding legislators for what they expect will be anotherd round of cuts in next year’s fiscal budget. With the state most of the way through a fiscao year that ends onJune 30, no more cuts are likely for this year, said Joint Budget Committere Vice Chairman Jack Pommer, a Democratic representative from Boulder. The Legislature has designated that any furthere funding shortfall this year will be filled by money fromthe state’s undesignatee reserve fund and from a one-dayt borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectationsz means the six JBC members who setthe state’s budget must beginn looking soon at additional ways to scaled back expenses or services in next year’s fiscaol plan, several members “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’vd already made.” Legislators filled a $1.
4 budget shortfall over the past six month s by raiding the reserve funds, transferringg hundreds of millions of dollares from cash-funded accounts and cutting about $300 million in As revenues continue to come in below that talk will begin again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individuak income taxes fell by $66.33 million or 19.7 percent, and corporate income taxe droppedby $2.2 million or 13.2 percent. State reservex have about $148 million that can be used to offsetyrevenue shortfalls, noted Rep. Mark Ferrandino, D-Denver.
If the state must transfedr funding temporarily, however, that will only push the problem of balancin the budget further off untiknext year, he said. “The question is: Does revenue in the futurr pick upif we’re starting to see or not?” Ferrandino “We’re starting to see some indications that the economy is starting to recover, if not level