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.
State revenues are expected to grow over the next two fiscal years and will be higher than projected in March, economists told the Joint Budget Committee today.
Even with this relatively strong growth, revenues are only now returning to pre-recession levels. In fact, the Office of State Planning and Budgeting stated, "Despite the growth, state general fund revenue is nearly $1 billion less (when adjusted for inflation) than it was five years ago."
Last Friday, Gov. John Hickenlooper signed into law Senate Bill 12-128, which will create a pilot program to help determine whether assisted-living facilities represent a cost-effective alternative for providing long-term care, as well as a better choice for residents and their families who are weighing their options.