Study: Colorado government faces fiscal crisis - San Francisco Business Times:

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The report from the Center for Colorado’s Economicx Future at DU is titled “Colorado’s States Budget Tsunami.” It is to be formally released Tuesday. “There is simply not enough moneh to pay for the government wehave created,” the report “Barring a quick and dramatic turnaround of the economy, it appearas that the current fiscal system cannot be sustained.” In announcing the report’xs findings, DU noted that “anticipate d fiscal demands for K-12 education, prisones and Medicaid will swamp today’s revenue-generating tax and fee in Colorado.
The report recommends a reviewe of the statebudget “It is once again time to take a criticalp look at where we are and starty the process of a much-needesd overhaul,” it says. Colorado lawmakersa this year made steep cuts in states programs and drew on federa stimulus funds to balance the and then that the state facesa $384 million revenude shortfall for next year. “The budgetary tsunami that washed over Colorado government last fall and winter was likelyu just thefirst wave.
More tidal waves in [fiscao year] 2010-11 threaten to keep the general fund underwaterr and lawmakers struggling to findnew • “The largest departmentse of state government are growinyg more than twice as fast as tax dollars are coming in, leavint a lot less money available for other needs.” “Education, prisons and health care consumed abouty 54 cents of every generao fund dollar a decade ago. They now eat up nearl 76 cents of everyh generalfund dollar, and that figurew will jump to 91 cents in five yearsw if the average growth rate Eventually, at this rate, there would be no money for othere programs.
” • “There is littlse question the financial difficultiesw faced by Colorado’s state government during this decade’sw two recessions will continue into the future. The problem is mathematicalp – there is simplyh not enough money to pay for the governmengt we have created and the services many of us have come to Center director CharlesBrown co-authored the report with Jeffreyh Roberts. The full report is to be releaserd Tuesday at a10 a.m.
MDT news and Brown is slated to testify on its finding s before thestate legislature’sx Fiscal Stabilization Commission on The Center for Colorado’s Economic Future describes itselff as “an independent, nonpartisan organizatiomn that conducts research on matters related to Colorado’x fiscal health, trends affecting the state’s economy and proposed legislation relating to taxation and public