(Sept. 22) – The state’s leading economists reported today that Colorado’s economic recovery is still going strong.
Presenting her quarterly update to the legislative Joint Budget Committee this morning, Natalie Mullis, the legislature’s chief economist, said general fund revenue is expected to rise by $128.5 million in the 2014-15 fiscal year, which began on July 1.
State revenue is directly tied to economic activity – when there’s more of the latter, there’s more of the former. Revenues have been climbing steadily since 2010, and Mullis predicted that the trend would continue through 2015, triggering a TABOR refund for the first time since 2005.
Presenting a similar revenue estimate, Henry Sobanet, director of the Governor’s Office of State Planning and Budgeting, described Colorado’s economy as “one of the best in the country.”
“Over the last 10 days we’ve heard that the state ended the last fiscal year with a $236 million surplus, that revenues are expected to grow $128 million in this fiscal year, and that our unemployment rate has dropped to 5.1 percent,” said Rep. Crisanta Duran (D-Denver), chairwoman of the JBC. “These reports show that our economy continues to gain momentum. Though our work isn’t done, policies enacted over the last several years are putting the Great Recession farther and farther behind in Colorado’s rear-view mirror.”