State revenue projections up $239.5 million
DENVER – The Governor’s office announced Wednesday that Colorado’s general fund revenue is projected to be $239.5 million higher this fiscal year than was forecast in March.
“Colorado is seeing growth in a variety of industries and is on the right path forward,” said Gov. John Hickenlooper. “But we still have a long way to go to fully recover from the recession.”
Despite the increase, general fund revenue is still nearly $1 billion less than it was five years ago when adjusted for inflation, according to the Governor’s Office of State Planning and Budgeting.
Under current law, the excess funds will spill into next year’s budget and will be transferred to the State Education Fund, which supports per-pupil funding in Colorado school districts.
“While we are cautiously optimistic that Colorado’s economy isn’t getting worse, the recent slowdown in our recovery is discouraging,” said Speaker of the House Frank McNulty, R-Highlands Ranch. “The forecast shows that family income growth remains sluggish and sales receipts continue to be lackluster. My overriding concern is that federal government policies and bureaucratic red tape continue to hinder our state’s economic recovery and hurt Colorado families and small businesses.”
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