Another drop in Colorado sales-tax revenue - Business First of Columbus:

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percent — in May from the same monthh theyear before, girding legislators for what they expectg will be another round of cuts in next year’s fiscap budget. With the statde most of the way throughy a fiscal year that ends onJune 30, no more cuts are likelty for this year, said Joint Budget Committee Vice Chairmanh Jack Pommer, a Democratic representative from Boulder. The Legislatur has designated that any further fundinhg shortfall this year will be filled by money fromthe state’sa undesignated reserve fund and from a one-dayy borrowing of other fundse to be repaid on July 1.
However, the continued fall of revenues below expectations means the six JBC members who setthe state’ss budget must begin lookinhg soon at additional ways to scalr back expenses or servicess in next year’s fiscal plan, several memberd said. “I guess this means we’re not out of the woods yet,” Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’ves already made.” Legislators filled a $1.4 budget shortfalpl over the past six months by raiding the reserve transferring hundreds of millions of dollars from cash-fundedf accounts and cutting abour $300 million in services.
As revenues continue to come inbeloqw forecast, that talk will begin again. State sales-taxx receipts for May were offby $30 million, a 17.9 percent drop from last Individual income taxes fell by $66.3 million or 19.7 percent, and corporate incomed taxes dropped by $2.2 million or 13.2 percent. State reserves have aboutr $148 million that can be used to offsetrevenue shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the stated must transfer funding temporarily, however, that will only push the problemn of balancing the budget further off until next he said. “The question is: Does revenue in the futures pick upif we’re starting to see or not?” Ferrandino said.
“We’rw starting to see some indications that the economy is startinvto recover, if not level off.”