Posted: Mar 29, 2011 9:50 PM by Stefanie Boe
DENVER (AP) - State officials say an accounting glitch has
turned up an extra $75.5 million to help cover Colorado's budget shortfall.
The Denver Post reports the state budget office had an incorrect formula in part of its revenue forecast. Officials said Tuesday that means the state has $75.5 million more than thought.
Gov. John Hickenlooper is recommending using $23.3 million to offset cuts in kindergarten through 12th grade and $32.2 million to help boost the general fund reserve.
Another $20 million would offset a transfer from a fund that subsidizes rural phone service.
The forecast released earlier this month showed the projected budget gap had decreased by half to about a half-billion dollars. Hickenlooper has proposed sweeping cuts in education and other areas to balance the budget. Lawmakers will consider his proposals.