Colorado road funds fall short
Aspen, CO Colorado
DENVER ” Colorado will come up short of an estimated $1 billion increase in transportation spending over the next five years partly because of less disposable income from increased fuel costs, according to the latest economic forecast by Gov. Bill Ritter’s budget office.
In its June forecast issued Friday, Ritter’s Office of State Planning and Budgeting estimated increases for transportation will be $200.2 million lower than what it forecast in March, for a total of $818.3 million through 2011-12.
The budgeting office factored in unemployment, inflation and fuel costs for its five-year forecast.
Ritter’s office said a rush of people filing their income taxes on time, most likely so they could receive their federal economic stimulus checks from the government, will boost revenue in the state’s general fund this fiscal year by nearly $26 million over what the office had forecast in March. The current fiscal year ends June 30.
The Legislature uses its own economic forecast.