State economists: Colorado state revenues increasing

They told lawmakers Monday that general fund revenue could increase significantly in the fiscal year that begins July 1.

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Colorado’s strong economy and the new federal tax law are boosting the state government’s revenues.

That’s the word from the state’s chief legislative and executive branch economists.

They told lawmakers Monday that general fund revenue could increase significantly in the fiscal year that begins July 1 — up to $1.3 billion more than is budgeted for the current fiscal year.

Their forecasts are used by the bipartisan Joint Budget Committee to draft the 2018-2019 state budget.

The federal tax law is encouraging business investment and will increase state tax collections, which are tied to higher federal tax collections.

The economists warn the state’s outlook could change quickly depending on unforeseen economic or political developments at home and abroad.

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economy, public