State Fiscal Year Ends With More Revenue Than Predicted

By: AP
By: AP

DENVER (AP) -- Colorado finished the fiscal year with more tax revenue than economists anticipated three months ago, but analysts warn next year can produce slower growth.

Gov. John Hickenlooper's economists said Wednesday the state will finish the year with about $7.6 billion in general fund revenue. That's $239.5 million more than what the economists had projected in March. Analysts say taxes on stock sales have boosted the latest numbers.

The latest quarterly revenue forecast concludes a fiscal year during which Colorado's economy improved slowly. More tax revenue has prevented further budget cuts to schools and returned a property tax break for some seniors.

The next fiscal year begins July 1. Economists cautioned that a national slowdown and the European debt crisis could hamper future growth.

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