DENVER (AP) — Diminished revenues from Colorado's depressed energy sector and court-ordered tax rebates to oil companies mean lawmakers will face the prospect of spending cuts to avert a general fund shortfall next fiscal year.
That's one takeaway from revenue forecasts released Tuesday by legislative and administration analysts.
Chief legislative economist Natalie Mullis said lawmakers could face a $63 million shortfall in funding for education, prisons and other obligations.
Henry Sobanet, Gov. John Hickenlooper's budget director, said the administration is focusing on stabilizing the general fund.
Both forecast moderate economic growth in Colorado in 2017.
Hickenlooper must present a budget proposal by Nov. 1 for the fiscal year that begins next July.