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.