The Governor’s Office of State Planning and Budgeting (OSPB) announced today that the state general fund revenue is projected to be $164.5 million higher in the next fiscal year than was forecast in December. The net increase to the general fund will be $149 million because of declining severance tax revenue.
Posts Tagged henry sobanet
If Gov. John Hickenlooper has anything to say about it–and he will–most of a potential increase in state tax collections this year and in 2012 will go to restore some of the money cut from K-12 budgets in the past few years.
A single person, paying nearly $50 million in back taxes helps move the state budget in the right direction. Nonetheless, “sand dune” like conditions will likely slow economic growth, causing legislators to warn that cuts to those programs will still be deep as a one-time infusion of cash is spread out over several budget years.