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.
Colorado's fiscal and economic future is in "serious jeopardy" because of increased government control, according to a report released Monday by a conservative-leaning group.
But critics of the Americans For Prosperity Colorado report (published below) say the group is attempting to push a conservative agenda rather than honestly examine the state's economic future. Critics also call the "Colorado in Transition: Killing the Golden Goose" report to be "misleading," especially in the areas of health care and transportation.
Legislative economists project that Colorado will face an additional $40 million shortfall in its General Fund budget for fiscal year 2009-10 due to a continued drop in revenues since their September forecast.
By Jason Hoppin St. Paul, Minn., Pioneer Press Nov. 5, 2009
After seven years of budget battles, Gov. Tim Pawlenty on Thursday proposed a constitutional amendment to limit state spending.
Under the plan, spending in Minnesota's two-year budgets could not exceed revenues raised during the previous biennium. The impact would be to limit spending, since revenues tend to grow with the economy.
By Ed Sealover Denver Business Journal Oct. 28, 2009
Medicaid providers will take another hit in the latest round of budget cuts unveiled by Gov. Bill Ritter Wednesday, but business leaders who have been asking him not to cut tax exemptions and credits can breathe a sigh of relief for now.
If you're a parent whose post-college graduate child has returned to sleeping at your home, you're not alone. And if you're a recent college graduate who has been out there beating the employment bushes and finding them beating you right back, you are also not alone.
Economists with the Legislative Council project that General Fund revenues in the current fiscal year will come in $240 million below budgeted appropriations. This is even after the $320 million in cuts Gov. Bill Ritter announced in August.
A government watchdog group gave the Legislature an "F" this year for not crafting policy that aligns with the will of Colorado taxpayers.
The Colorado Union of Taxpayers said that despite facing an economic downturn, lawmakers passed a budget this year that is 2.6 percent higher than the previous year's budget. The group said that the majority of lawmakers voted in favor of tax and fee hikes, which does not mesh with the desire of taxpayers.