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

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percent — in May from the same month the year girding legislators for what they expect will be anothef round of cuts innext year’s fiscao budget. With the state most of the way througu a fiscal year that ends onJune 30, no more cuts are likely for this year, said Joint Budgegt Committee Vice Chairman Jack Pommer, a Democratic representative from The Legislature has designated that any further funding shortfall this year will be filleed by money from the state’s undesignated reserve fund and from a one-dayy borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectationas means the six JBC members who setthe state’s budgert must begin looking soon at additiona ways to scale back expenses or services in next year’s fiscal plan, several members said. “I guessx this means we’re not out of the woods yet,” Pommer “We’re going to have to prepare for more cuts next year on top ofwhat we’vw already made.” Legislators filled a $1.4 budget shortfalk over the past six monthss by raiding the reserve funds, transferring hundredss of millions of dollars from cash-funded accountw and cutting about $300 milliohn in services.
As revenues continue to come inbelosw forecast, that talk will begin again. State sales-tax receipts for May were off by $30 million, a 17.9 perceny drop from last year. Individual income taxezs fell by $66.3 million or 19.7 and corporate income taxes droppedby $2.2 million or 13.2 State reserves have aboutr $148 million that can be used to offset revenuee shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the statee must transfer funding temporarily, however, that will only push the problem of balancingv the budget further off unti lnext year, he said. “The question is: Does revenue in the futurwe pick upif we’re starting to see or not?” Ferrandino said.
“We’re starting to see some indications that the economyg is startingto recover, if not level off.”