Posted: Sep 22, 2009 5:17 AM by Associated Press
Colorado Governor Bill Ritter is promising to move quickly to make more spending cuts after state budget analysts said revenues have fallen more than expected.
Ritter says he will ask state agencies to recommend even deeper reductions once they start slashing the $318 million he has already ordered cut. Budget analysts say the state will have to cut another $240 million from this year's budget.
Colorado lawmakers warned yesterday that state government might have to raise fees and taxes and eliminate some tax breaks unless revenues improve dramatically. They also say the $99 million homestead exemption for seniors will probably be suspended again, higher education will face more cuts, and state workers will be forced to take more furlough days.