New Revenue Projections Released in Advance of Budget Bill
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Economists delivered new projections to the legislature’s budget committee last week in advance of the introduction of the budget bill for fiscal year 2014-15.
Revenues have rebounded solidly since the Great Recession, and the state expects a surplus of $257 million this fiscal year, and more than double that next year. Democratic Senator Pat Steadman of Denver says much of that money is already slated to be spent on education or other programs, or will go to trying to restore past budget cuts. “The legislature this year has a very ambitious number of proposals introduced for tax credits and new spending, not all of which I think can be funded under today’s revenue estimate,” Steadman says. Read the rest of the article about the revenue forecast at Colorado Public Radio here.
On March 20, 2014 the Joint Budget Committee approved a state budget to be introduced in the House and Senate. The budget shows a total increase of 17.9% and a General Fund increase of 8.7% compared to fiscal year 2013-2014. Provider reimbursements will be expanded by 2% for children’s hospitals, after care hours, surgery centers, and many other areas to improve health care costs for all. The State Legislature has also approved funding to the Department of Human Services for increased coverage, awareness, and help for those affected my mental illness. In addition to healthcare, the budget also allocates additional funding to higher education, K-12 education, flood and wildlife recovery.
