An additional $161.3 million is anticipated this fiscal year said Henry Sobanet, executive director of the Governor’s Office of State Planning and Budgeting Friday. The revenue forecast, by the Governor’s office, presented to the Joint Budget Committee, represents “a faster-than-expected rebound of income tax,” according to Sobanet.
In a prepared statement Sobanet indicated that Gov. Hickenlooper’s first choice for scaling back reductions would be in K-12 education. However, Sobanet went on to caution that “ global conditions such as the earthquake in Japan, rising food and energy prices and political unrest in the Middle East create heightened risks for unfavorable economic conditions in the coming months.”