Gov. Ritter Statement on Economic News & Revenue Forecast

Gov. Ritter issued the following statement today regarding new economic data and state revenue forecasts. The Colorado Department of Labor and Employment reported that Colorado gained 2,800 jobs in October and November and that the state’s unemployment rate declined 0.1 percent in November, to 6.9 percent. Today’s revenue forecast, however, calls for additional budget cuts.

“Today we received some economic news showing the recession is easing and the recovery is beginning in Colorado,” Gov. Ritter said. “Our November unemployment rate went down slightly. We have one of the lowest rates in the country and we continue to be about 3 full points below the national average.

“Even better, we added 1,800 new jobs in November – we had two new-job announcements just this week – and the rapid decline in consumer spending looks like it's stopped. But we still have tough times ahead. It will take years to regain all the jobs we lost, and it will be a while before state government revenues recover.

“So, just as families and businesses are going to keep tightening their belts, so will state government. We always balance to the lowest forecast, and based on today's numbers, it looks like we'll need to do some additional work to re-balance the current FY09-10 budget and the proposed 10-11 budget.

“While we've been preparing for this, it will take a few days to integrate the forecast with our previous balancing plans and some other variables. I’ll be working closely with lawmakers in the days, weeks and months ahead to do whatever is necessary to keep the budget balanced -- just as we've been doing all along.

“We’ve made some very difficult decisions over the past year. We’ve cut spending. We’ve streamlined and modernized operations. We’ve made government more efficient. Our forward-thinking strategies are paying off. We’re positioning Colorado to weather the final stages of the recession and recover well ahead of other states.

“We have more tough choices to make, choices that may be unpopular, but choices that are necessary to lead us to a strong and sustainable recovery.”