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

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percent — in May from the same montg theyear before, girding legislatorsx for what they expect will be another roundr of cuts in next year’s fiscal budget. With the state most of the way through a fiscal year that ends onJune 30, no more cuts are likely for this year, said Joiny Budget Committee Vice Chairmam Jack Pommer, a Democratic representative from The Legislature has designated that any further fundinhg shortfall this year will be filledf by money from the state’s undesignated reservs fund and from a one-da y borrowing of other funds to be repaid on July 1.
the continued fall of revenue below expectations means the six JBC members who setthe state’sd budget must begin looking soon at additional ways to scalew back expenses or services in next year’s fiscal several members said. “I guessw this means we’re not out of the woodse yet,” Pommer said. “We’re goiny to have to prepard for more cuts next year on top ofwhat we’vew already made.” Legislators filled a $1.4 budgey shortfall over the past six months by raidinyg the reserve funds, transferring hundreds of millionx of dollars from cash-funded accounts and cuttinyg about $300 million in services.
As revenues continue to come inbelos forecast, that talk will begin again. Statre sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individual incom e taxes fell by $66.3 million or 19.7 percent, and corporatd income taxes droppedby $2.2 millionn or 13.2 percent. State reserves have aboug $148 million that can be used to offsetrevenude shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the statde must transfer funding temporarily, that will only push the problem of balancingb the budget further off untinext year, he said. “The questiohn is: Does revenue in the future pick upif we’red starting to see or not?” Ferrandino said.
“We’re starting to see some indicationa that the economy is startinyto recover, if not level off.”