Colorado’s economy continues to outperform expectations, spurred on by tax revenue from stock sales, although unemployment remains high, state economists told lawmakers Monday. The state’s tax receipts are expected to be $548.2 million, or 7.1 percent higher, this budget year than the prior year, according to Gov. John Hickenlooper’s economists. The latest quarterly forecast from state economists touched on familiar trends of past reports: Colorado’s economy is outperforming the national economy, but there remains caution because of the revenue growth is driven by taxes on one-time stock sales. “We have clue after clue that what we’re dealing with is volatile revenue stream,” said Henry Sobanet, Hickenlooper’s budget director. With the adjusted revenue numbers from December, the state’s general fund is expected to be $8.3 billion for the fiscal year that began in July. The general fund now exceeds the pre-Great Recession peak of $7.7 billion in 2007. The quarterly forecast released Monday afternoon will play a key role in the upcoming debate over the budget, especially as lawmakers debate an overhaul of the state’s system to fund schools. Lawmakers typically give final approval to the budget next month. State legislative economists also delivered a separate forecast to lawmakers Monday with a similar outlook of cautious optimism for the state. “I believe it is the spring of this recovery. However, know that storms can still happen in the spring,” said Natalie Mullis, the Legislature’s chief economist.
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