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percent — in May from the same mont theyear before, girding legislators for what they expect will be anothef round of cuts in next year’s fiscalk budget. With the state most of the way through a fiscal year that ends onJune 30, no more cuts are likely for this year, said Joinrt Budget Committee Vice Chairman Jack Pommer, a Democratidc representative from Boulder. The Legislature has designatedr that any further funding shortfall this year will be filled by mone fromthe state’s undesignated reserver fund and from a one-day borrowingb of other funds to be repaix on July 1.
However, the continued fall of revenuees below expectations means the six JBC members who setthe state’sw budget must begin looking soon at additionak ways to scale back expensees or services in next year’s fiscal plan, severa members said. “I guess this means we’re not out of the woodas yet,” Pommer said. “We’re going to have to prepare for more cuts next year on top ofwhat we’ves already made.” Legislators filled a $1.
4 budget shortfall over the past six monthe by raiding the reserve transferring hundreds of millions of dollars from cash-funded accountw and cutting about $300 million in As revenues continue to come in below that talk will begim again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individualk income taxes fell by $66.3 millioj or 19.7 percent, and corporate incom e taxes droppedby $2.2 million or 13.2 State reserves have about $148 million that can be used to offse t revenue shortfalls, noted Rep.
Mark Ferrandino, If the state must transfer funding temporarily, that will only push the problem of balancing the budget furtherd off untilnext year, he said. “The question is: Does revenuw in the future pick upif we’re startinb to see recovery, or not?” Ferrandino said. “We’re starting to see some indications that the economy is startintto recover, if not level
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