Denver (AP) - A legislative budget analysis released Monday says Colorado is $250 million in the hole for the fiscal year that ends next week and will have to borrow money from next year's budget to
pay the bills.
Lawmakers say that means they'll have to cut a total of $384 million over the next year to cover the shortfall for this year, plus the shortfall that will accrue in the next year's budget.
Budget analysts say the shortfall could hit $838 million over the next three years as tax collections have dropped.
Gov. Bill Ritter says he and lawmakers will work on a plan to balance this year's budget.
Ritter says he hopes to leave a reserve fund alone and instead balance this year's budget by temporarily transferring money from other accounts.
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