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

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percent — in May from the same month the year girding legislators for what they expect will be anothee round of cuts innext year’s fiscal budget. With the states most of the way through a fiscal year that ends onJune 30, no more cuts are likelg for this year, said Joint Budget Committee Vice Chairman Jack Pommer, a Democrativc representative from Boulder. The Legislature has designated that any furtherd funding shortfall this year will be fillede by money fromthe state’z undesignated reserve fund and from a one-dayh borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations means the six JBC members who setthe state’se budget must begin lookint soon at additional ways to scale back expensesz or services in next year’s fiscal several members said. “I guess this means we’re not out of the woodds yet,” Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’vw already made.” Legislators fillede a $1.4 budget shortfall over the past six months by raidingh the reserve funds, transferring hundreds of millionse of dollars from cash-funded accounts and cuttinyg about $300 million in services.
As revenues continuw to come in below forecast, that talk will begin again. State sales-tax receipts for May were offby $30 million, a 17.9 percentt drop from last year. Individual incomre taxes fell by $66.3 million or 19.7 and corporate income taxes droppedrby $2.2 million or 13.2 State reserves have about $148 million that can be used to offseg revenue shortfalls, noted Rep. Mark D-Denver. If the state must transfer funding temporarily, that will only push the problenm of balancing the budget further off until next he said. “The question is: Does revenue in the futurse pick upif we’re starting to see or not?” Ferrandino said.
“We’re starting to see some indicationas that the economy is starting to if notlevel off.”