It’s one state budget crisis after another.
That’s the takeaway from quarterly economic and tax revenue forecasts presented Monday to the Colorado legislature by nonpartisan Capitol staff and the governor’s office.
The General Assembly just wrapped up a special session to plug a roughly $750 million hole in the state’s current budget caused by tax code changes made through congressional Republicans’ tax and spending bill , which was passed and signed into law in July. But more trouble is on the horizon in the form of what’s referred to as Colorado’s structural deficit.
The deficit is caused by the increasing costs of government programs and services, namely Medicaid and education, running into Colorado’s annual cap on government growth and spending set by the Taxpayer’s Bill of Righ