DENVER (AP) — Legislative economists say Colorado’s tourism-and-energy-dependent economy has been crushed by the coronavirus pandemic.
They said Tuesday a shrinking economy will force lawmakers to make $3.3 billion in cuts to the state budget for the fiscal year that begins July 1. That figure represents a tenth of the state’s total budget and nearly a quarter of its general fund, which is devoted to crucial government services.
The Legislature’s chief economist says Colorado’s economy could shrink by 6% this year. The bipartisan Joint Budget Committee has been examining spending cuts while the legislative session is suspended. Lawmakers are tentatively scheduled to return on May 26.