Another drop in Colorado sales-tax revenue - The Business Review (Albany):

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percent — in May from the same month the year girding legislators for what they expect will be anothedr round of cuts innext year’s fiscapl budget. With the state most of the way througu a fiscal year that ends onJune 30, no more cuts are likely for this year, said Joint Budget Committee Vice Chairman Jack a Democratic representative from Boulder. The Legislature has designateds that any further funding shortfall this year will be filledd by money fromthe state’s undesignated reserv e fund and from a one-dagy borrowing of other funds to be repaid on July 1.
the continued fall of revenuea below expectations means the six JBC membersa who setthe state’s budget must begin looking soon at additional ways to scale back expenses or services in next year’s fiscal plan, several members said. “I guess this means we’re not out of the woodse yet,” Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’vw already made.” Legislators filled a $1.4 budgetg shortfall over the past six months by raiding the reservw funds, transferring hundreds of millions of dollars from cash-funded accounts and cutting about $300 millionb in services.
As revenues continue to come in below that talk willbeginh again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last Individual income taxes fellby $66.23 million or 19.7 percent, and corporate incomr taxes dropped by $2.2 million or 13.2 State reserves have about $148 millionj that can be used to offset revenue shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the state must transfere funding temporarily, however, that will only push the problem of balanciny the budget further off untionext year, he said. “The question is: Does revenue in the futurse pick upif we’rd starting to see recovery, or Ferrandino said.
“We’re starting to see some indications that the economgy is starting to if notlevel off.”