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

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percent — in May from the same monthg theyear before, girding legislators for what they expecty will be another round of cuts in next year’ws fiscal budget. With the state most of the way throughh a fiscal year that ends onJune 30, no more cuts are likelty for this year, said Jointy Budget Committee Vice Chairmah Jack Pommer, a Democratic representative from Boulder. The Legislature has designatesd that any further funding shortfall this year will be filled by moneyy fromthe state’s undesignated reserve fund and from a one-dayt borrowing of other funds to be repaic on July 1.
the continued fall of revenues belosw expectations means the six JBC members who setthe state’z budget must begin looking soon at additiona ways to scale back expenses or services in next year’x fiscal plan, several members said. “I guesds this means we’re not out of the woods yet,” Pomme 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 budget shortfallo over the past six months by raiding the reserve funds, transferring hundreds of millions of dollarz from cash-funded accounts and cutting about $300 million in services.
As revenuees continue to come inbelow 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 percent, and corporate income taxes dropped by $2.2 million or 13.2 State reserves have about $148 million that can be used to offsetr revenue shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the statse must transfer funding however, that will only push the problem of balancingt the budget further off untilnext year, he said. “The question is: Does revenues in the future pick upif we’re startingh to see recovery, or not?” Ferrandinp said.
“We’re starting to see some indicationse that the economy is starting to if notlevel off.”