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A forthcoming report by a research center at the University of Denver says Colorado’s state government faces a looming financial crisis, DU said Monday.
The report from the Center for Colorado’s Economic Future at DU is titled “Colorado’s State Budget Tsunami.” It is to be formally released Tuesday.
• “The budgetary tsunami that washed over Colorado government last fall and winter was likely just the first wave. More tidal waves in [fiscal year] 2010-11 threaten to keep the general fund underwater and lawmakers struggling to find new lifelines.”
• “The largest departments of state government are growing more than twice as fast as tax dollars are coming in, leaving a lot less money available for other needs.”
• “Education, prisons and health care consumed about 54 cents of every general fund dollar a decade ago. They now eat up nearly 76 cents of every general fund dollar, and that figure will jump to 91 cents in five years if the average growth rate continues. Eventually, at this rate, there would be no money for other programs.”
• “There is little question the financial difficulties faced by Colorado’s state government during this decade’s two recessions will continue into the future. The problem is mathematical – there is simply not enough money to pay for the government we have created and the services many of us have come to expect.”
Center director Charles Brown co-authored the report with Jeffrey Roberts.