background image
enue is expected to be above the cap by
$175.4 million in FY 2017-18 and $221.8 mil-
lion in FY 2018-19. The FY 2017-18 refund
amount of $195.0 million expected in this
forecast includes the projected $175.4 mil-
lion exceeding the Referendum C cap plus
$19.6 million that needs to be refunded from
FY 2014-15 due to the reclassification of the
revenue transferred to the Adult Dental Fund
from the Unclaimed Property Fund.
Urban areas along the Front Range have
among the lowest unemployment in the coun-
try, with the Denver metro area having the
lowest unemployment rate among large U.S.
metro areas. The oil and gas industry¡¯s deep
contraction that contributed to slowing in the
overall economy appears to have reached a
bottom, though industry activity is expected
to remain at subdued levels. Even so, the
absence of the large decline in spending in
the economy going forward will help over-
all economic conditions. Further, data shows
renewed growth in new business formation in
Colorado,
(continued on pg4>)
The Good News
2016 October/November
Pg 3 - The Sunshine Express
These pellets could also be incorporated into educa-
tional tools - ¡°the biotech equivalent of a chemistry
kit,¡± Collins says. ¡°You could envision using these
pellets to allow students to conduct synthetic biology
experiments at home, or in middle schools and high
schools.¡±
Another application Collins plans to pursue is inte-
grating the pellets into ¡°smart bandages¡± that would
detect an infection and then begin producing the ap-
propriate antimicrobial peptide to treat the infection.
The research was funded by the Wyss Institute; the
Ragon Institute of MGH, MIT, and Harvard; the Paul
G. Allen Frontiers Group; and the Defense Threat
Reduction Agency.
(source: news.mit.edu/2016/to-produce-biopharma-
ceuticals-on-demand-just-add-water-0922)
required amount. For FY 2016-17, under cur-
rent law, half of the required reserve amounts to
$317.4 million, $90.9 million less than the ending
reserve projected by this forecast.
Under this forecast and current law, General Fund
appropriations subject to the limit in FY 2017-18
can increase only 1.2 percent over the FY 2016-17
amount. Total General Fund and State Education
Fund expenditures combined can grow just 0.3
percent in FY 2017-18, assuming that the negative
factor in the School Finance Act is maintained at
its current level.
Cash fund revenue in FY 2016-17 is projected to
be $189.9 million, or 6.3 percent, lower than FY
2015-16, as a decrease in revenue from the Hospi-
tal Provider Fee and miscellaneous cash funds will
offset modest growth in revenue from many of the
other major categories of cash funds. Cash fund
revenue will increase 14.5 percent in FY 2017-18
as the budget restriction on the Hospital Provider
Fee expires and severance tax revenue increases.
TABOR revenue came in $26.7 million below the
cap in FY 2015-16 and is projected to be $158.8
million under the cap in FY 2016-17. TABOR rev-
Smart Bandages (continued from page 1)
Economic Expansion To Continue
Relative to June¡¯s
forecast, General
Fund revenue for FY
2016-17 was re-
duced by $160.6 mil-
lion, or 1.5 percent,
due mostly to lower
expectations for
sales and use taxes
and corporate in-
come tax collections.
The FY 2016-17
ending General Fund
balance is projected
to be $226.5 million
below the required
reserve level. The
governor is required
to take budget-bal-
ancing actions when
the ending balance
is projected to be
under half of its
State revenue forecast
shows solid performance
Tuesday, Sept. 20, 2016, DENVER: The Governor¡¯s
Office of State Planning and Budgeting (OSPB) today
released its quarterly economic forecast. State Gen-
eral Fund revenue is projected to increase 4.5 per-
cent in FY 2016-17; the forecast is lower relative to
June¡¯s projections by $160.6 million, or 1.5 percent.
¡°Economic expansion is expected to continue for
Colorado at a moderate pace,¡± said Gov. John Hick-
enlooper. ¡°Colorado¡¯s favorable economic attributes
have made the economy resilient to the many head-
winds it has faced the past several years.¡±
General Fund revenue increased 1.7 percent in FY
2015-16, a sharp drop from the robust 9.2 percent
growth rate one year earlier. The oil and gas in-
dustry¡¯s contraction, along with weaker investment
gains and lower corporate profits, all combined to
reduce General Fund revenue growth. With these
factors largely behind us, General Fund revenue will
increase 4.5 percent in FY 2016-17 and a 5 percent
increase is forecast for FY 2017-18. Notably, these
growth rates are lower compared with most of the
previous years of the current expansion; economic
growth is forecast to continue to be more moderate
for the state, and growth in corporate income tax
revenue and investment gains are expected to be
constrained.