Colorado expected to receive higher revenue

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DENVER (AP) -- Gov. John Hickenlooper's economists are projecting that Colorado's tax receipts will be $159.6 million higher this fiscal year than they projected three months ago.

The additional money from fiscal year 2012-2013 will carry over to the budget that lawmakers will write and vote on in the spring. The additional money is being invested in a savings account for schools.

The economists were expected to release more details of their findings Thursday morning in a presentation to Colorado budget writers. Federal fiscal cliff negotiations and the potential impacts on the state's finances are also likely to be part of the briefing.

The latest figures continue a trend of quarterly forecasts which have shown steady, slow improvement in the Colorado economy. That has allowed more funding for schools.

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