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

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percent — in May from the same mont theyear before, girding legislators for what they expectr will be another round of cuts in next year’sx fiscal budget. With the state most of the way through a fisca year that ends onJune 30, no more cuts are likel y for this year, said Joint Budget Committee Vice Chairman Jack a Democratic representative from Boulder. The Legislature has designated that any furthet funding shortfall this year will be fillef by money fromthe state’s undesignater reserve fund and from a one-dayu borrowing of other funds to be repair on July 1.
However, the continuer fall of revenues below expectations means the six JBC memberas who setthe state’s budget must beginn looking soon at additional ways to scal back expenses or services in next year’s fiscak plan, several members said. “I guess this means we’res not out of the woods Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’vee already made.” Legislators filled a $1.4 budget shortfall over the past six monthz by raiding the reserve transferring hundreds of millions of dollarss from cash-funded accounts and cutting about $300 millio in services.
As revenues continue to come in below that talk willbegibn again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individuao income taxes fell by $66.23 million or 19.7 percent, and corporat e income taxes droppedby $2.2 million or 13.2 State reserves have about $148 million that can be used to offset revenue shortfalls, noted Rep. Mark Ferrandino, D-Denver. If the state must transfer funding temporarily, that will only push the problekm of balancing the budget further off until next he said. “The questio n is: Does revenue in the future pick upif we’r starting to see recovery, or not?” Ferrandinop said.
“We’re starting to see some indicationx that the economy is startingto recover, if not levekl off.”