Today, the General Assembly received the March Revenue Forecasts from Legislative Council and the Office of State Planning and Budget. The Joint Budget Committee will decide soon which forecast to use in setting the 2018/2019 budget. The JBC is expected to wrap up the budget by the end of this week, and the long bill will start in the House.
Both the Legislative Council Forecast and the Office of State Planning and Budgeting (OSPB) forecasts show significant increases in General Fund revenue to spend or save in FY2018-19.
The Legislative Council Forecast general fund revenue expectations increased by $300 million from the December revenue forecast which results in an additional $1.3 billion to spend or save in FY18-19. The Legislative Council forecast was slightly higher than the OSPB forecast.
With the increase in revenue projections Governor Hickenlooper has asked the Joint Budget Committee to approve a request for $500 million in FY18-19 and another $150 million in FY2019-20 for the state’s transportation needs.
Although both forecasts show continued growth the risks of recession in the long-term still exist.
The full budget documents can be found at:
https://sites.google.com/a/state.co.us/ospb-live/
http://www.leg.colorado.gov/agencies/legislative-council-staff