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Economic forecast sunny
Published March 20, 2007 at midnight
Back-to-back blizzards last December resulted in the state collecting $19 million less in sales-tax revenues than it had predicted, the governor's budget officer said today.
Nonetheless, Colorado's economic picture looks rosy, reported Todd Saliman, chief budget officer for Gov. Bill Ritter, who took office on Jan. 9.
"Colorado's economy continues to strengthen in concert with broader national economic conditions," Saliman, said in a release.
The legislature's economists later this morning will release their forecasts for the quarter and for a five-year period.
Both forecasts are not that far apart, said Rep. Bernie Buescher, D-Grand Junction, who serves on the Joint Budget Committee.
Highlights from the governor's budget office forecast:
• Individual income tax growth has increased significantly from the last forecast, in December. It was 2.7 percent in the last forecast and 6.6 percent this time.
• Total general fund revenues for the current fiscal year, which ends June 30, are forecast to be $7.4 billion, up $165 million from the December forecast.
• Money collected under Referendum C over its five-year life now is projected at $5.35 billion. It was projected at $3.7 billion when voters approved it in 2005.
More details will be released when both forecasts are presented to the Joint Budget Committee later this morning.
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