The news just keeps getting worse for legislative budget writers. Now, they will have to cut more than they originally thought from the current state budget if the economic situation remains unchanged in the current fiscal year. It could be as much as $228 million.
The latest grim figures come from Tom Dunn, chief economist for the General Assembly. He expects to see improvement in the months ahead, but revenues will still be down.
Dunn says Colorado's revenues last year fell 15% over the entire fiscal year. He had been predicting growth of 1% to 1.5% in the current fiscal year, July 1 to June 30.
Cuts already have been made in state government to get to the $580 million figure. Governor Owens slashed $220 million in spending last May.