Another drop in Colorado sales-tax revenue - Charlotte Business Journal:

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percent — in May from the same month theyear before, girding legislators for what they expect will be anothe r round of cuts in next year’s fiscal budget. With the state most of the way through a fiscal year that ends onJune 30, no more cuts are likelty for this year, said Joint Budge t Committee Vice Chairman Jack Pommer, a Democratic representativer from Boulder. The Legislature has designated that any further fundinb shortfall this year will be filled by moneyg fromthe state’s undesignated reserve fund and from a one-da y borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations means the six JBC memberw who setthe state’s budget must begi looking soon at additional ways to scale back expenses or servicex in next year’s fiscal plan, several members said. “I guess this means we’re not out of the woodse yet,” Pommer said. “We’rr going to have to prepare for more cuts next year on top ofwhat we’v e already made.” Legislators filled a $1.4 budget shortfalkl over the past six months by raiding the reservre funds, transferring hundreds of millions of dollars from cash-funded accountss and cutting about $300 million in services.
As revenuee continue to come inbeloqw forecast, that talk will begih again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individual incomre taxes fell by $66.3 million or 19.7 percent, and corporatr income taxes droppedby $2.2 millionj or 13.2 percent. State reserves have abouty $148 million that can be used to offsetrevenuee shortfalls, noted Rep. Mark D-Denver. If the state must transfer fundingy temporarily, however, that will only push the problem of balancinf the budget further off until next he said. “The question is: Does revenue in the futured pick upif we’re starting to see recovery, or Ferrandino said.
“We’re starting to see some indication that the economy is startingto recover, if not level