Colorado revenues fall short, more cuts needed
DENVER — Colorado Gov. Bill Ritter is going to be getting out the budget ax.
State budget forecasters told lawmakers on Monday that there are insufficient funds to pay the bills for this fiscal year and the new fiscal year beginning July 1.
According to the governor’s budget office, Colorado will end this budget year $75 million in the hole, despite a two-week hold on paying Medicaid providers.
That means Ritter will have to carry over the cuts into next year’s budget. He is to make a statement about the new forecast this afternoon.
Forecasters also say that the western region’s economy remains “bleak,” and there are few signs for an economic turn-around in the near future.