State revenues are expected to be $116 million higher this fiscal year than projected in December, according to legislative economists. When coupled with cuts and actions already taken by the legislature to balance the budget this session, the state is projected to end the current fiscal year with a $447 million surplus. By law, these funds will be transferred to the State Education Fund.
Legislative economists expect revenues to be $99 million higher in fiscal year 2011-12, which will help to reduce the projected shortfall.
Colorado is beginning to recover from the Great Recession.
Revenue estimates released today by the Legislative Council staff show that General Fund revenue for the current fiscal year is projected to come in about $230 million higher than estimated in December. Partly due to the increased revenue and the budget actions already taken by the legislature and governor, the General Fund is in balance for the current fiscal year.