Another drop in Colorado sales-tax revenue - Denver Business Journal:

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percent — in May from the same montj theyear before, girding legislators for what they expect will be anothedr round of cuts in next year’s fiscal budget. With the statre most of the way throughg a fiscal year that ends onJune 30, no more cuts are likelgy for this year, said Joint Budget Committer Vice Chairman Jack Pommer, a Democratic representative from The Legislature has designated that any furthere funding shortfall this year will be filled by moneg from the state’s undesignated reserve fund and from a one-da y borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations means the six JBC memberas who setthe state’s budget must begin lookingy soon at additional ways to scale back expenses or servicee in next year’s fiscal plan, several members said. “I guess this means we’re not out of the woods Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’v e already made.” Legislators fille d a $1.4 budget shortfall over the past six months by raidingg the reserve funds, transferring hundreds of millions of dollars from cash-funde d accounts and cutting abougt $300 million in services.
As revenuese continue to come in below that talk willbegin again. States sales-tax receipts for May were off by $30 a 17.9 percent drop from last Individual income taxes fellby $66.3 millioj or 19.7 percent, and corporate income taxew dropped by $2.2 million or 13.2 percent. State reservesa have about $148 million that can be used to offsetfrevenue shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the state must transfedr funding temporarily, however, that will only push the problemm of balancing the budget furthee off untilnext year, he “The question is: Does revenue in the future pick up if we’rre starting to see recovery, or not?” Ferrandinoo said.
“We’re starting to see some indications that the economyt is startingto recover, if not level off.”