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Colorado State Economic Forecast
The State of Colorado did a Focus on Economy and Revenue for Fiscal
Years 2002-2007 and the following is the Executive Summary of the 50
page document:
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EXECUTIVE SUMMARY
General Fund Revenue
- The estimate for General Fund revenue in FY 2001-02 was
reduced by $248.3 million. Most of the reduction comes from
ongoing weakness in individual income tax receipts. Gross
receipts from individual income taxes were reduced by $231.6
million. The reduced estimate will also mean that less money
will be diverted to the State Education Fund.
- The recovery of the Colorado economy will be weaker than
previously anticipated and will translate into lower revenues
as well. The estimate for General Fund revenue in FY 2002-03
was reduced by $421.4 million. The reduction comes from the
prime sources of General Fund revenue -- individual and corporate
income taxes and sales taxes. Over the six-year forecast period,
the total reduction of the revenue estimate is $2.75 billion.
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