Colorado budget committee dodges deep cuts
DENVER, Colorado ” Lawmakers have come up with a plan to balance this year’s budget that puts off potential deep cuts in state services until next year.
The Joint Budget Committee wrapped up its recommendations for plugging the additional $156 million shortfall on Wednesday. The package largely relies on taking money from accounts funded by fees and severance taxes. Up to $50 million from unclaimed property turned over to the state would also be used.
Lawmakers had to reopen the budget after legislative economists predicted tax revenue would drop off even more because of the recession. All together, lawmakers plan to make $1.5 billion in cuts between this year and next year.
The full House and Senate must approve the recommendations before they become final.