Another drop in Colorado sales-tax revenue - Atlanta Business Chronicle:

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percent — in May from the same month the year girding legislators for what they expect will be another rounde of cuts innext year’s fiscak budget. With the state most of the way throughn a fiscal year that ends onJune 30, no more cuts are likelu for this year, said Joint Budge t Committee Vice Chairman Jack Pommer, a Democratic representative from The Legislature has designated that any further fundinf shortfall this year will be fillefd by money from the state’sw undesignated reserve fund and from a one-day borrowinfg of other funds to be repaid on July 1.
However, the continuefd fall of revenues below expectations means the six JBC memberse who setthe state’s budget must beginn looking soon at additional ways to scale back expenses or services in next year’s fiscal plan, severa l members said. “I guess this means we’re not out of the woodd yet,” Pommer said. “We’re going to have to prepar e for more cuts next year on top ofwhat we’vde already made.” Legislators filled a $1.4 budgegt shortfall over the past six monthzs by raiding the reserve transferring hundreds of millions of dollara from cash-funded accounts and cutting about $300 million in services.
As revenueds continue to come inbelow forecast, that talk will begin State sales-tax receipts for May were off by $30 million, a 17.9 percentg drop from last year. Individual income taxes fell by $66.w3 million or 19.7 percent, and corporate income taxesw droppedby $2.2 million or 13.2 State reserves have about $148 million that can be used to offse revenue shortfalls, noted Rep. Mark D-Denver. If the state must transfer funding temporarily, that will only push the problem of balancing the budgeft further off until next he said. “The question is: Does revenue in the future pick upif we’ree starting to see recovery, or not?” Ferrandinok said.
“We’re starting to see some indications that the economgy is startingto recover, if not level