JBC Chair Lambert Releases Statement on Today’s Economic Forecast

State Senator and Joint Budget Committee Chair Kent Lambert (R-Colorado Springs) released the following statement upon the release of today’s economic forecast: 

"Colorado is continuing to see slow to moderate economic growth. While economic growth is encouraging, we have yet to see the strong growth we would like. 

This increase in revenue will create new dynamics for the next legislative session in addressing spending and TABOR refunds. This growth will trigger several new uncertainties that must be discussed during the legislative session. 

First, we must account for new spending requests for this fiscal year, 2014-2015. Those requests are due from departments on January 2. 

At some point, new economic growth will trigger a constitutional TABOR refund. However there is still uncertainty as to exactly when that will occur and the amount of refund necessary. 

Another issue will be whether we refund excess marijuana revenue, or if we ask the voters to retain part or all of that revenue. 

We also need to determine how much to fund K-12 education. We will use some money from the state education fund. The Governor’s plan to spend most of the state education fund does not allow us to fully fund K-12 in future years. 

Because there is moderate growth we'll be planning to divert funding to capital construction and highway projects as required by SB 09-228. This involves some uncertainties because we don’t yet know the amount of required transfer." 

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