If it feels like you're giving a little more money to Uncle Sam this year, you're probably right. Some of it is going to the state's general fund, which now stands at 165 million dollars. Financial advisors say this is mostly good news for Colorado residents because the state's tax revenue is coming from higher incomes and a lower unemployment rate.
Mary Ann Kiefer is an income tax preparer in Colorado Springs. She says the average yearly income for her clients is up by over nine hundred dollars... so far. "I do expect it to go up - perhaps - a little bit higher because you generally get the higher income people towards the end of the tax season," said Kiefer.
Jeff Marks of Prime Financial Strategies says he's not surprised to see incomes and state revenues on the rise, especially since the state unemployment rate is at 4.7 percent, down from 5.2 percent last year. "I would have been more surprised if there wasn't a pretty significant increase in tax revenues," said Marks.
Marks says the economic outlook is good for the nation and state, even though rising oil prices and the war in Iraq are cause for concern. He says the economy is probably resilient enough to weather those storms. The outlook for El Paso county is especially good due to the expansion of Fort Carson. "That alone could easily translate into 30, 40, 50 thousand jobs here in El Paso county," said Marks.
Over 100 thousand jobs were added to Colorado's economy in the past two and a half years. Marks expects the Colorado economy to expand for at least two or three more years to come.