B: CO State Revenue Forecast Revised Upward Again

From Gov. John Hickenlooper's Office of State Planning and Budgeting on Wednesday:

The Governor's Office of State Planning and Budgeting (OSPB) announced today state general fund revenue is projected to be $239.5 million higher in the current fiscal year than was forecast in March.

Under current law, the excess funds will spill into next year's budget and will be transferred to the State Education Fund based on current expenditures. This fund supports per-pupil funding in Colorado school districts.

"Colorado is seeing growth in a variety of industries and is on the right path forward," said Gov. John Hickenlooper. "But we still have a long way to go to fully recover from the recession. That's why we remain laser-focused on making Colorado the most pro-business state in the nation."

State Sen. Mary Hodge, vice chair of the Joint Budget Committee:

Senator Mary Hodge (D-Brighton), Vice-Chair of the Joint Budget Committee, offered the following comment on today's economic forecasts:

"I'm proud to see the hard work of the Legislature and the Governor pay off. Our budget remains in balance, we are prepared for the future, and Colorado's economy continues to outperform the nation. Though the economic outlook remains uncertain, mostly due to the situation in Europe, the economy is continuing to grow. Signs of strength and growth in Colorado's manufacturing, banking, and housing industries are just a few of the reasons to be optimistic. We need to build on our progress and continue to focus on job creation and improving economic opportunities for families and businesses throughout the state."  

But before we get too celebratory, Hickenlooper's release reminds us:

Despite the growth, state general fund revenue is nearly $1 billion less (when adjusted for inflation) than it was five years ago...

But for the moment, you can look on the bright side. It's trying like hell to get better out there.