Dec 18, 2009 4:42 PM by Associated Press

Colorado tax revenue drops by $40 million more

Colorado budget officials say state revenues dropped another $40 million, bringing this year's shortfall to $601 million.

Budget officials told state lawmakers Friday the recession appears to be over in Colorado, but the economic recovery will be long and rocky.

Previous forecasts showed the state would have a $560 million shortfall this fiscal year. A budget shortfall of $1.5 billion is predicted for next year unless lawmakers take quick action when they convene in January.

The fiscal year ends in June.


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