Date: 12/18/2009

Presentation from the Office of State Planning and Budgeting


Votes: View--> Action Taken:

11:20 AM -- Governor's Economic Forecast

Todd Saliman, Office of State Planning and Budgeting (OSPB), presented the Governor's December 2009 Revenue Forecast (Attachment C). With the inclusion of Governor Ritter's August 25 and December 1 budget balancing proposals, the forecast reflects that sufficient General Fund is available to support requested spending authority for FY 2009-10. For FY 2010-11, General Fund available for appropriation is anticipated to increase above FY 2009-10 levels and gross General Fund revenues in FY 2009-10 are projected to decrease 0.7 percent, or $49.7 million, from prior year levels. The FY 2009-10 cash fund revenues are forecast to decrease 8.9 percent, or about $212.9 million, from the prior fiscal year. The OSPB forecast also states that TABOR refunds are not anticipated during the forecast period.


11:27 AM

Mr. Saliman talked about personal income growth reflected on page 27 of the forecast. He also referred the committee back to Mr. Herreid's chart and explained that the governor's proposal includes a $200 million General Fund reduction for K-12, leading to a negative balance of $67 million in the State Education Fund.

11:31 AM

Senator Morse asked whether the state is allowed to maintain a negative balance in the State Education Fund. Mr. Saliman said no. Representative Balmer asked whether TABOR is impacting the current budget situation. Mr. Saliman explained that currently it is not, but will in the future.

11:34 AM

The committee adjourned.