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

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percent — in May from the same montnh theyear before, girding legislators for what they expecr will be another round of cuts in next year’sd fiscal budget. With the state most of the way througn a fiscal year that ends onJune 30, no more cuts are likelty for this year, said Joint Budget Committee Vice Chairmahn Jack Pommer, a Democratic representative from The Legislature has designated that any furthef funding shortfall this year will be filled by money from the state’s undesignated reserve fund and from a one-dah borrowing of other funds to be repaix on July 1.
However, the continued fall of revenuea below expectations means the six JBC members who setthe state’ budget must begin looking soon at additionap ways to scale back expenses or services in next year’ws fiscal plan, several members “I guess this means we’re not out of the woodws yet,” Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’vd already made.” Legislators filled a $1.4 budge shortfall over the past six months by raiding the reserve funds, transferrinhg hundreds of millions of dollars from cash-funded accounts and cuttin g about $300 million in services.
As revenueds continue to come inbeloww forecast, that talk will begin again. State sales-ta receipts for May were off by $30 a 17.9 percent drop from last Individual income taxes fellby $66.3 millionj 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 offsetf revenue shortfalls, noted Rep. Mark D-Denver. If the state must transfer funding temporarily, however, that will only push the problemk of balancing the budget further off until next he said. “The question is: Does revenue in the futurr pick upif we’re starting to see recovery, or Ferrandino said.
“We’re starting to see some indicationsz that the economy is startingto recover, if not levell off.”