A FLASH FLOOD WATCH will go into effect this afternoon for most of Southern Colorado. Daytime heating and moisture will combine with a disturbance moving through Colorado to develop numerous thunderstorms. Any one of them will be more than capable of producing very heavy rain. Burn scars and areas that have seen recent heavy rain will be under the greatest risk for flash flooding. This FLASH FLOOD WATCH will remain in effect through 6pm Wednesday. The 11 Breaking Weather Team will be tracking this threat closely for you the next two days.
Cash has been flowing into some state government accounts at higher-than-anticipated levels. That sounds like good news, but it could actually worsen the state's already-tight budget picture.
Legislative staff economists say the additional cash could put the state about $52 million short of being able to cover the $5.7 billion in general-fund spending approved in the current budget year.
Money going into the state's cash funds counts against the overall revenue-growth caps set by the Taxpayer's Bill of Rights. That means the higher cash-fund income is driving up the TABOR refunds that taxpayers will receive in the spring of 2006. TABOR refunds have to come from the general fund because cash-fund money is earmarked for specific programs.
Legislative economists are predicting that the state will refund about $161.3 million to taxpayers in the 2005-06 budget year unless voters agree to let the state keep some of that amount.