DENVER — Monday, March 19, 2018 — The Governor’s Office of State Planning and Budgeting (OSPB) today released its quarterly economic and revenue forecast.

General Fund revenue is experiencing additional expected growth compared to the December 2017 revenue forecast. General Fund revenue is forecast to increase 12.9 percent in FY 2017-18. General Fund revenue is projected to increase at a modest 3.2 percent in FY 2018-19 due to lower employment growth in a tight labor market and as income tax revenue grows more slowly.

“Today’s economic forecast is good news and gives us a chance to put additional dollars toward transportation and education,” said Governor John Hickenlooper. “Our proposal outlines a one-time $500 million allocation to the $9 billion transportation project list, $200 million to education and the remainder to address other pressing issues the legislature is considering.”

Along with the new revenue forecast, the OSPB delivered a letter to the Joint Budget Committee outlining Gov. Hickenlooper’s plan for allocating new revenue.

In FY 2018-19, the Governor’s plan calls for one-time infusions of $500 million to transportation and $200 million to K-12 education. Of the one-time money available, this leaves $96 million for other priorities under debate this legislative session.

In FY 2019-20, the Governor’s plan calls for allocations as follows:

  • Transportation: $150 million
  • K-12 Education: $100 million to the State Education Fund
  • Water Infrastructure: $15 million
  • State Buildings: $15 million for controlled maintenance or capital renewal
  • Affordable Housing: $10 million
  • Broadband: $10 million

Read on… 

Click here for the full Revenue and Economic Forecast from the Governor’s Office of State Planning and Budgeting.