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Home / CO: State a Quarter Billion in DebtCO: State a Quarter Billion in Debt
Last Updated on Tuesday, 23 June 2009 02:00 Written by rslcpol Tuesday, 23 June 2009 02:00
From GJSentinel.com:
Senate Minority Leader Josh Penry predicted the 2009-2010 budget would remain balanced for a mere 45 days when the legislative session ended May 6.
Forty-seven days later, the state revenue forecast confirmed his fears.
The forecast, released Monday, showed the state with a budget deficit of $249 million for fiscal 2009, which ends June 30. State officials will need to borrow that much from the 2009-1010 budget, which will push the fiscal 2010 deficit to $384 million, according to the state forecast.
It predicts major deficits in both the general fund and cash funds during the 2009-2010 new budget year.