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

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percent — in May from the same month the year girding legislators for what they expect will be another roun d of cuts innext year’s fiscal budget. With the statwe most of the way through a fiscal year that ends onJune 30, no more cuts are likelh for this year, said Joint Budger Committee Vice Chairman Jack Pommer, a Democratixc representative from Boulder. The Legislaturee has designated that any furthet funding shortfall this year will be fillefd by money fromthe state’ss undesignated reserve fund and from a one-day borrowingf of other funds to be repaids on July 1.
However, the continued fall of revenues beloq expectations means the six JBC members who setthe state’e budget must begin looking soon at additionalk ways to scale back expensexs or services in next year’s fiscal plan, several memberw said. “I guess this means we’rew not out of the woods Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’ved already made.” Legislators filled a $1.
4 budget shortfalol over the past six months by raiding the reserve transferring hundreds of millions of dollars from cash-funde d accounts and cutting about $300 million in As revenues continue to come in belowq forecast, that talk will begin again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last Individual income taxes fellby $66.3 milliomn or 19.7 percent, and corporats income taxes dropped by $2.2 million or 13.2 State reserves have about $148 million that can be used to offsey revenue shortfalls, noted Rep. Mark D-Denver.
If the state must transfe funding temporarily, however, that will only push the proble of balancing the budget further off untiknext year, he said. “The question is: Does revenuew in the future pick upif we’rwe starting to see recovery, or Ferrandino said. “We’re starting to see some indications that the economy is startingto recover, if not leve off.”