On Friday, Governor Ritter released a statement on the March revenue forecast for Colorado. The news was promising, but Ritter acknowledged the upcoming difficulties the state faces as the economic recovery process continues.
His release is as follows:
OFFICE OF GOV. BILL RITTER, JR.
WWW.COLORADO.GOV/GOVERNOR
FOR IMMEDIATE RELEASE
FRIDAY, MARCH 19, 2010
CONTACTS
Evan Dreyer, 720.350.8370, evan.dreyer@state.co.us
Megan Castle, 303.319.8513, megan.castle@state.co.us
GOV. RITTER STATEMENT ON TODAY’S REVENUE FORECAST
Gov. Ritter issued the following statement today regarding the March revenue forecasts:
“The revenue forecast for the current budget is hopeful and promising. It’s the best forecast we’ve seen in almost two years, and it indicates that our strategies are working and the economy is slowly beginning to stabilize. However, one improved forecast does not stability make.
“The economy remains volatile, and we need to continue to be responsible stewards of taxpayer dollars and hold the line on the fair, balanced and responsible decisions we’ve been making since 2008 when the recession took hold in Colorado. While we’ve already cut spending and closed shortfalls of $2.2 billion in FY09-10 and $1.3 billion in FY10-11, there will be big a shortfall in the FY11-12 budget, which my office is preparing now and will submit to the legislature’s Joint Budget Committee in November.
“Today’s forecast does not show declining revenue, but it does show essentially a flat line, and that’s not a good enough trajectory to keep pace with rising Medicaid caseloads, with rising human services costs and with inflation.
“In addition, Recovery Act funding runs out at the end of FY10-11, meaning that FY11-12 will be a very, very difficult year.
“Again, today’s news is hopeful and encouraging. We’re positioning Colorado for a sustainable and healthy recovery. But we are not out of the woods. We still have tough times ahead and more difficult decisions to make.”
News coverage of the revenue forecast can also be found at these additional links:
1.) http://www.denverpost.com/search/ci_14713392
2.) http://durangoherald.com/sections/News/2010/03/20/Lawmakers_get_good_eco...
3.) http://www.thedenverchannel.com/news/22892987/detail.html