Lawmakers received good news about the state's economy on Monday as economists from the legislature and the governor's office presented positive forecasts to the Joint Budget Committee (JBC).
Colorado's economy continues to outperform the national economy as we experience a growth in jobs, an improving housing market and increasing retail sales, especially automobiles. It is "among the most vibrant in the nation," according to the Legislative Council Staff.
Economists gave state lawmakers good news about Colorado's economy and state revenues in their quarterly forecasts to the Joint Budget Committee today.
Colorado's economy is growing at a steady pace and is outperforming the U.S. economy. In fact, it was growing faster during the summer months than previously thought. The data used for the September forecast has been revised upward, showing stronger growth in jobs and income, according to Natalie Mullis, the Legislative Council Staff's chief economist.
Gov. John Hickenlooper joined with legislative leaders and members of the Joint Budget Committee on Monday, May 7, to sign the state budget for fiscal year 2012-13, praising lawmakers for having passed a budget with more support than it has received in 17 years.
The legislature's Joint Budget Committee (JBC) on Monday approved its proposed budget for higher education for the coming fiscal year. The JBC recommends cutting total General Fund appropriations for higher education by $29 million over the current level. This represents a 4.6 percent cut and is $142 million below the appropriation for FY 2007-08 – the year before the Great Recession hit Colorado. To make up for the cut in state support, students and their families will have to pay more in tuition and fees.
The Bell Policy Center, the Colorado Children's Campaign and the Colorado Fiscal Policy Institute delivered a joint letter to members of the legislative Joint Budget Committee (JBC) yesterday outlining four principles they should keep in mind as they struggle to reach final agreement on next year's budget.
State revenues will fall about $250 million short of appropriations for the fiscal year that ends next week, according testimony today by state economists before the Joint Budget Committee. Estimates from the economists are worse than their projections in March and show that the state's economy was weaker than anticipated in the second quarter.