Under The Dome - June 2023 Quarterly Revenue Forecast

The Joint Budget Committee met today for the June 2023 Economic Forecast. Legislative Council Staff (LCS) and the Office of State Planning and Budgeting (OSPB) forecasts show a continued, yet moderate, economic expansion. Both LCS and OSPB noted that inflationary pressures in Colorado are dropping, but at a slower rate than the United States as a whole, due to elevated housing costs. While individual final tax payments were lower than expected, corporate income tax revenues have surpassed expectations in Colorado and across the country. The risk of near-term recession is less than previous quarterly projections and the revenue forecast anticipates a continued yet slowing expansion with growth projected in the out years. State revenue is projected to exceed the TABOR Referendum C cap through the three-year forecast period according to both forecasts.

Read full report here.