From The Denver Post:
There’s been lots of speculation about whether the legislature will be coming back into session after the June 20 economic forecast, which could show that state revenues have cratered further and the budget has to be re-balanced.
Some folks at the Capitol have guessed a special session would come the week after the June forecast (which is actually expected on the 19th, a Friday). But House Majority Leader Paul Weissmann, D-Louisville, says there could be a workaround for the whole summer session problem.
“We might not have to come back for special session,” Weissmann said. “We are going to move a bill through the process that allows the JBC (Joint Budget Committee), with approval of the Executive Committee to readjust the budget if the revenue estimate is within $150 million. Like other off-session changes, those would have to be approved by the entire legislature in January.
“If we do have to come back for special session, my guess is that it would not be any earlier than July 13. The June revenue estimate comes out on the 19th or the 22nd.
Weissmann’s suggestion makes a lot of sense. The folks on the JBC spend the entire year poring over the budget; they know the numbers better than all the rest of the legislators, and with good reason.
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We just have Bill Ritter put another mortgage on his home to cover the difference between his revenue estimates and whatever really comes in.
When does Colorado begin seeing REVENUE from the hyped “new energy economy”?
I feel plenty warm and fuzzy about it but I’m just wondering if it actually pays.
Also, revenue forecasts come from both the Governor’s Office of State Planning and Budgeting AND the Legislative Council.
Every forecast that they’ve made has been wrong, and often grossly. Their understanding of fundamental economics is pretty weak.
The JBC uses Leg Council’s forecasts, and appropriately so.
to MM’s use of the terminology “his revenue estimates.”
I know where the JBC gets its information, which is why I pointed it out.
tell me how the “new energy economy” is helping western Colorado, Ralphie. I’m all ears.
tell me how the “new energy economy” is helping western Colorado, Ralphie. I’m all ears.
These two comanies are expanding in Colorado this year and next year. Hundreds of new energy jobs in Colorado are being created from these two Companies alone.