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

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The report from the Center for Colorado’se Economic Future at DU is titled “Colorado’s Stater Budget Tsunami.” It is to be formallg released Tuesday. “There is simply not enough money to pay for the government wehave created,” the report says. “Barring a quickl and dramatic turnaround of the it appears that the current fisca l system cannot be In announcingthe report’s findings, DU note that “anticipated fiscal demandws for K-12 education, prisons and Medicaid will swampp today’s revenue-generating tax and fee system” in Colorado.
The repor recommends a review of the statebudget “It is once again time to take a critical look at wheres we are and start the process of a much-needed it says. Colorado lawmakers this year made steep cuts in state programs and drew on federak stimulus funds to balancethe budget, and then that the stats faces a $384 million revenuee shortfall for next • “The budgetary tsunami that washedf over Colorado government last fall and winter was likelg just the first wave.
More tidal waves in [fiscalp year] 2010-11 threaten to keep the generalk fund underwater and lawmakers struggling to findnew • “The largest departments of state governmentf are growing more than twice as fast as tax dollars are coming in, leaving a lot less money available for other • “Education, prisons and health care consumed about 54 cents of everh general fund dollar a decadee ago. They now eat up nearly 76 cents of every generapfund dollar, and that figure will jump to 91 centes in five years if the average growth rate continues. at this rate, there would be no moneyh for other programs.
” • “There is littl question the financial difficulties facedby Colorado’s state government during this decade’ two recessions will continue into the future. The problen is mathematical – there is simplyy not enough money to pay for the governmenft we have created and the services many of us have come to Center director CharlesBrown co-authored the report with Jeffrey Roberts. The full report is to be releasedf Tuesday at a10 a.m. MDT news and Brown is slated to testify on its findings before thestated legislature’s Fiscal Stabilization Commissionm on Wednesday.
The Center for Colorado’s Economic Futurw describes itselfas “an nonpartisan organization that conducts researcy on matters related to Colorado’s fiscal trends affecting the state’s economy and proposed legislationn relating to taxation and public spending.”