Posted: Sep 20, 2012 2:42 PM by AP posted by Juice Godfrey
DENVER (AP) - State economists say the Colorado revenue picture is continuing to improve at a faster-than-expected rate because of taxes on stock sales and oil and gas development.
Economists from Gov. John Hickenlooper's office announced Thursday that the state will take in $239 million more in tax revenue than what they had predicted in June for fiscal year 2012-2013. The expected general fund revenue of $8 billion for the fiscal year now exceeds pre-Great Recession peak of $7.7 billion in 2007.
The latest quarterly forecast follows a trend during the last year of slow, but steady growth. But economists have warned that revenue growth will be slower for the next two fiscal years because of the European debt crisis and possible federal spending cuts and tax increases.
The current fiscal year began July 1.