Colorado's projected budget deficit has been reduced by $250 million thanks to revised economic forecasts. While the new numbers lessen the predicted hole from roughly $921 million to $672 million for the next fiscal year, the state still faces financial challenges. This reduction comes from revisions to population growth and revenue forecasts, affecting the government spending cap set by the Taxpayer’s Bill of Rights (TABOR). However, a voter-approved ballot initiative requiring $350 million in spending on law enforcement adds a new layer of complexity.
Colorado state Sen. Jeff Bridges and Rep. Shannon Bird listen during a Joint Budget Committee hearing at the Legislative Services Building in Denver on Thursday, Dec. 19, 2024. Colorado ’s projected budget hole may not be quite as deep as originally projected, but economic forecasters warned Thursday that the state was still in for a difficult year.
The change largely comes from revisions to population growth and some revenue forecasts that affect the government spending cap set by the Taxpayer’s Bill of Rights, or TABOR. The state economic forecasts in September predicted the nearly $1 billion hole as ballooning Medicaid costs, flattening inflation and slowing population growth ate into the state spending cap. That horizon led to a stream of bleak budget hearings, as members of the powerfulThese new predictions reduce that deficit, but far from erase it. They also don’t account for the voter-approved ballot initiative in November thatfor law enforcement purposes.
“So we’re essentially back to where we started: We’re a billion dollars in the hole, and we have to figure out how we’re going to continue to keep communities safe, make housing affordable and serve the folks who depend on us.”, called for a series of cuts, delayed implementations of laws and other changes to balance the revenue and spending.
Colorado Budget Deficit TABOR Law Enforcement
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