The Colorado legislature’s final budget-setting economic forecast shows slightly less money for Colorado lawmakers to spend, but revenue will still be far over the state’s TABOR cap.
a few months ago, but one official said the state’s unique spending rules will mean “hard work” ahead for budget writers.
Several fees collected by the state are subject to the revenue cap set by TABOR. Those came in above expectations, eating away at how much general fund money the state has left to pay for ongoing services and new priorities. Spending for the upcoming fiscal year, which beings July 1, will be under scrutiny by the Joint Budget Committee and the legislature in coming weeks as they try to meet the constitutional requirement of approving a balanced budget.
Add in some early spending plans considered by lawmakers — some of which were little more than placeholders, pending the forecast — and the excess in the general fund drops into negative territory by more than $260 million. “Our priorities have to do with education, whether that’s K-12 or higher education, Medicaid provider rates. We have to fund those types of things,” Kirkmeyer said, also noting needs in the Department of Human Services and corrections.
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