March Revenue Projection and the Colorado State Budget
On March 20th, Legislative Council staff released their quarterly economic projections. Each quarterly projection gives direction to the Joint Budget Committee to adjust both the current and next budget cycle to be in balance with revenue. The March projection will guide the final balancing for the current FY08‐09 budget and steer budget decisions for the FY09‐10 budget, which begins in July.
The news from the forecast is grim. General Fund revenue is forecasted to plummet $812 million or 10.5% from FY07‐08 to FY08‐09. In FY09‐10, General Fund revenue is projected to decrease another $98 million or 1.4%. As a result, JBC cut or temporarily filled $796.3 from the FY08‐09 and $786.8 million from FY09‐10.
Released April 8, 2009