State forecast shows an economic rebound

Colorado Springs Downtown Colorado Springs.jpg
Posted at 4:51 PM, Jun 18, 2021
and last updated 2021-06-18 19:19:10-04

COLORADO — Colorado's economy appears to be recovering from the economic impacts of the pandemic.

In the state's economic forecasts released Friday, reports show revenue collections exceeded initial expectations. Collection amounts are expected to surpass the amount of money the state can collect under the Taxpayers Bill of Rights (TABOR).

GRAPH #1.jfif

Refunds are expected in the coming years for Colorado taxpayers, the surplus is the largest since the state's fiscal year 2000-2001.

General fund amounts are projected to increase by 12.1 percent in the current fiscal year, a 4.1 percent increase in the 2021-2022 fiscal year, and 4.2 percent in the fiscal year 2022-2023.

Still, the state is working to recover from job losses amid the pandemic. With 66 percent of jobs recovered from pre-pandemic times as of April of this year. Many of the job losses come from low-income jobs, or those making less than $27,000 a year.

"While some Coloradans are still facing challenges created by the global pandemic, today’s figures show that the Colorado comeback is well underway. I look forward to formally announcing the expected tax cut and tax refunds this Fall.” Governor Jared Polis said in a statement released Friday morning.

To see the full economic forecast, visit the following link: Budget Forecast June 2021

Taxpayers Bill of Rights (TABOR) explained

"TABOR" explained in 1 minute