Bill Ritter issued the following statement today regarding the June revenue forecast:
"A couple hours ago, we received new revenue figures, and while they weren't unexpected, they do mean we have more work to do. Available funds will come in below budget for the current fiscal year and for the next fiscal year. Fortunately, we took steps in the 2009 legislative session that will help us deal with this for the remainder of 2008-09 without impacting services.
"For 2009-10, we will be taking immediate steps to determine the exact amount of the shortfall, and then crafting a plan to close that shortfall. I will be meeting with the JBC, legislative leaders and my budget staff in the coming days to put together that balancing plan.
"I will also be asking my department heads to continue running state government as efficiently, conservatively and responsibly as possible. This means holding the line on spending, hiring and travel.
"We've been taking action since last September to keep the budget balanced. We submitted detailed plans to the JBC that closed a $1.4 billion shortfall over two fiscal years – and we did it while protecting investments in education, health care, transportation, public safety and while preserving the safety net for our most vulnerable populations. In addition, the federal Recovery Act has been critical to our ability to keep the budget balanced.
"We now will move quickly to continue the budget balancing and do the hard work this situation requires. It will mean making even more difficult choices. We've done it before and we will do it again. While we are working on the FY09-10 budget, we also are preparing the FY10-11 budget, which will be submitted to the JBC on Nov. 1.
"What today's numbers show is that our fiscal challenges have not ended. But by working together we will continue finding solutions that keep leading
forward and position us for a strong recovery." Colorado