CBSA monitors budget forecasts to assess how the economy, overall employment, and state revenue forecasts could impact CBSA’s State Policy Priorities and our Policy + Advocacy strategy for the upcoming legislative session. While current forecasts from the Governor’s Office of State Planning and Budgeting (OSPB) and nonpartisan Legislative Council (LCS) project continued economic expansion in Colorado, they also indicate inflation could limit growth and TABOR surpluses could constrain the state budget. In September 2022, OSPB and LCS staff, presented budget forecasts during their quarterly presentations to the Joint Budget Committee (JBC).
Key Takeaways:
- Overall, the forecast for this quarter stayed the same from the prior forecast in June.
- The OSPB forecast is more pessimistic compared to the LCS report due to differences in tax collection projections.
- For example, the LCS forecast projects General Fund revenues in FY 2022-23 to will be $17.95 billion compared to the OSPB forecast of $16.4 billion.
