“Today’s forecasts are a clear reminder that Colorado’s economic recovery is not nearly as robust as Coloradans want or need. Economic growth remains volatile and sluggish, and Colorado families and businesses are not yet seeing healthy, sustainable or certain growth in their bottom lines, while government agencies also continue to face difficult budgets.
“Since the recession started, my office and the legislature have cut spending and closed shortfalls of $4.4 billion. Today’s forecasts mean we face even more difficult and unenviable decisions ahead to keep the budget balanced – and we’ll be making those decisions from a list of options that has grown shorter and shorter since the recession hit.
“We will do what we can to minimize pain and protect essential services. We’ll continue to employ a strategy of shared sacrifice and solutions, and we are going to remain aggressive about economic development so Colorado is well-positioned for a strong, sustainable and healthy recovery.
“As challenging as today’s forecasts are, the fact remains that the economy is better off today than it was a year ago. We are seeing positive signs – consumer spending is growing, new claims for unemployment insurance are down and people are reducing their debt levels – and we are well-positioned for sustainable growth in the months ahead.”
After the Governor’s Office reviews the forecasts, the Governor will announce a plan to close the FY10-11 shortfall by the end of October. At the same time, the Governor’s Office is preparing to submit a proposed FY11-12 budget to the legislature’s Joint Budget Committee on Nov. 1.
