War And Inflation Could Impact Next Year's Strong Budget Prediction

Denver CO

27 March, 2022

11:14 PM

Description

Press release from Denver Metro Chamber of Commerce: March 25, 2022 The Colorado Joint Budget Committee is starting to plan next year's state budget, and while initial predictions look promising, war and inflation could put a damper on this outlook. In addition to the war in Ukraine, inflation is likely to have a big impact on this next year's budget as well. Energy, housing, transportation and food have seen the greatest price hikes both in Colorado and nationally. Economists predict this will limit consumer and business spending in the upcoming year. This also puts pressure on the state budget as prices for materials that the state needs become more expensive. The legislature is expected to approve the 2022-23 state budget, in the range of $40 billion, in April. Lawmakers plan to maintain a 15% reserve in the coming budget to account for uncertainty ahead. Here are the bills we took a stance on this week. Support House Bill 1304 Senate Bill 140 Senate Bill 159 Senate Joint Resolution 8 Testimony House Bill 1199 Opposition Testimony House Bill 1152 Opposition Testimony This press release was produced by the Denver Metro Chamber of Commerce. The views expressed here are the author's own.