The Joint Budget Committee received the June revenue forecast this morning. Both Legislative Council and Office of the State Planning and Budgeting (OSPB) have increased their General Fund revenue estimates for FY18-19, FY19-20 and FY20-21.
Based on the Legislative Council Forecast, in FY20-21 the General Assembly will have $438.9 million more to spend or save in the General Fund. This amount will change if the General Assembly enacts changes that impact revenue or expenditures in FY19-20 or with changes in revenue expectations for any budget year between FY18-19 to FY20-21.
The changes in the General Fund revenue forecast relative to the March expectations were a result of an increase in income tax collections. According to both forecasts TABOR revenue is projected to be above the cap and refunds are expected in FY18-19, FY19-20 and FY20-21.
Although economic activity in the US and in Colorado remains elevated, this growth has begun to moderate through 2021. There still remains a great deal of uncertainty in future forecasts due to federal tax and jobs act, trade tensions and tightening in the labor market.
Links to the full forecast are below:
Office of Legislative Council
https://leg.colorado.gov/EconomicForecasts
Office of the State Planning and Budgeting