Another drop in Colorado sales-tax revenue - St. Louis Business Journal:

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percent — in May from the same month the year girding legislators for what they expect will be anotherr round of cuts innext year’s fiscal With the state most of the way through a fiscal year that ends on June 30, no more cuts are likely for this year, said Joint Budgeft Committee Vice Chairman Jack a Democratic representative from The Legislature has designated that any further funding shortfalpl this year will be filled by money from the state’se undesignated reserve fund and from a one-dat borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations meansz the six JBC members who setthe state’s budget must begihn looking soon at additional ways to scalse back expenses or services in next year’s fiscalp plan, several members said. “I guess this means we’re not out of the woodsd yet,” Pommer said. “We’re going to have to preparr for more cuts next year on top ofwhat we’ved already made.” Legislators filled a $1.4 budget shortfall over the past six monthx by raiding the reserve funds, transferrinb hundreds of millions of dollars from cash-fundedr accounts and cutting about $300 millionj in services.
As revenues continue to come inbelow forecast, that talk will begin again. Statw sales-tax receipts for May were off by $30 million, a 17.9 percenf drop from last Individual income taxes fellby $66.3 million or 19.7 and corporate income taxes dropped by $2.2 million or 13.2 State reserves have about $148 milliomn that can be used to offset revenuee shortfalls, noted Rep. Mark Ferrandino, If the state must transfer funding temporarily, that will only push the problemk of balancing the budget further off untionext year, he said. “The question is: Does revenues in the future pick upif we’re starting to see or not?” Ferrandino said.
“We’re starting to see some indicationz that the economy is starting to if notlevel off.”