Colorado bracing for grim tax forecast

DENVER ” It’s bad, but it could be worse. That’s the size of a state tax forecast expected Friday that likely will show the effects of a cooling economy on Colorado government.

Gov. Bill Ritter says the state revenue forecast will show slipping tax receipts, an indication the economy is shrinking. But he says the forecasts, which are used to map state spending, are much worse in other states.

Ritter told reporters Thursday that the projections will show Colorado is not immune to a national recession. But he says Colorado is holding up OK considering the recession.

Ritter already has said budget cuts are coming next year. He announced a state hiring freeze in September.