Ritter lowers Colorado revenue estimates
DENVER, Colorado ” Colorado could be facing a budget shortfall this year of more than a half billion dollars and the governor’s office said even its forecast is off because of outdated information.
The new forecast from Gov. Bill Ritter’s budget office puts the shortfall in the current fiscal year ending in June at $230 million. That’s more than three times the $70.2 million the governor’s office forecast on Dec. 19.
A forecast from legislative staff put the shortfall at $604 million, and the two offices agreed to sit down and go over their calculations together.
Ritter is asking state agencies to submit proposals to cut their budgets by 10 percent in the next fiscal year, which starts in July.
Evan Dreyer, a spokesman for the Democratic governor, said a major difference in the forecasts from the two offices was in how they projected revenue from capital-gains taxes.
“They (legislative staff) were utilizing a more current data source for their capital-gains projections,” Dreyer said.
Dreyer said that information came from the Internal Revenue Service while the governor’s office was relying on older information from the Colorado Department of Revenue.
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