The September Revenue Forecast was released today by both the Office of State Planning & Budgeting and the Colorado Legislative Council Staff. While the numbers vary slightly in both of the forecasts, one thing is certain.......Colorado state services will continue to experience cuts as the state is facing a shortfall from projected revenue. For our current fiscal year, FY10-11, Colorado is upwards of $257 million short, which means future cuts are on the horizon. The cuts may not tally as high as $257 million as there are many factors at play, though $257 million appears to be the ceiling, at least for now. For FY11-12, which doesn't even start until July 1, 2011, and for which the budget hasn't even been created yet; the state is expected to be upwards of $1.1 billion short. FY11-12 is going to be tough fiscally for the state as federal assistance through the stimulus package & FMAP extension will not be available anymore. The next budget revenue forecast will be released in December. Even though it's only September, my wish for the upcoming holiday season (and next revenue forecast) is that our state does not have to continue cutting an already meager budget.
