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

fixyruw.wordpress.com
percent — in May from the same monty theyear before, girding legislators for what they expecft will be another round of cuts in next year’e fiscal budget. With the state most of the way through a fiscak year that ends onJune 30, no more cuts are likelty for this year, said Joint Budget Committere Vice Chairman Jack Pommer, a Democrativc representative from Boulder. The Legislature has designated that any furthedr funding shortfall this year will be filled by moneyt fromthe state’s undesignated reserve fund and from a one-day borrowinyg of other funds to be repaidx on July 1.
However, the continued fall of revenues below expectations means the six JBC memberss who setthe state’sa budget must begin looking soon at additionapl ways to scale back expenses or services in next year’ds fiscal plan, several members said. “I guess this meanws we’re not out of the woods Pommer said. “We’re going to have to preparw for more cuts next year on top ofwhat we’ves already made.” Legislators filled a $1.4 budgety shortfall over the past six monthsa by raiding the reserve transferring hundreds of millions of dollars from cash-funded accounts and cuttiny about $300 million in services.
As revenuees continue to come in below that talk willbegin again. State sales-tadx receipts for May were offby $30 a 17.9 percent drop from last year. Individualo income taxes fell by $66.3 million or 19.7 percent, and corporatre income taxes droppedby $2.2 million or 13.2 percent. State reserves have about $148 millio n that can be used to offset revenue noted Rep. Mark Ferrandino, D-Denver. If the state must transfer funding temporarily, however, that will only push the problej of balancing the budget further off until next he said. “The question is: Does revenuew in the future pick upif we’rwe starting to see recovery, or not?” Ferrandinl said.
“We’re starting to see some indicationas that the economy is starting to if notlevel off.”