Why Colorado Needs a Special Session

The Colorado Legislative Council presented the state's September Revenue Forecast to the Joint Budget Committee today. It was more frightening than seeing Jerry Jones' face in HD on the Sunday Night Football pregame show.

The big news is that the $320 million revenue shortfall announced over the summer has grown by $240.7 million, meaning Colorado has a $560.7 million revenue shortfall for Fiscal Year 2009-2010.

That $320 million shortfall announced back in June led to surgical yet still devastating cuts to services for children, families, seniors, and many of the most vulnerable yet least visible Coloradans. Several hundred people gathered at the capitol a couple weeks ago to voice just how painful those cuts really are.

What was a bad situation in August has turned into a downright scary one now. But I'm told that freaking out and assuming the fetal position is not a sound fiscal strategy.

Instead, lawmakers need to take an urgent look at a balanced revenue solution, and do so in a special session this fall. Why a special session? It's not because anyone is clamoring to hear more creepy ruminations from Shawn Mitchell.

Rather, a special session is needed because of our old cruel master known as TABOR.

The fact is that there are revenue options that state leaders could pursue to avoid more painful and inequitable cuts. But there's a provision in TABOR that says any income tax policy changes (for example, withholding income tax for out-of-state partners and shareholders) can't take effect until the following calendar year.

Waiting until January would mean any revenue increases wouldn't come until 2011 and more devastating cuts this year and beyond would be inevitable. Colorado can't wait that long, we can't cut our way out of this problem, and families can't afford to continue shouldering the burden of our state's broken fiscal system.

Whether we're talking about schools, roads, health care, or higher education, Colorado families and businesses rely on public services every single day. If we keep up the strategy of unending cuts and continued erosion in public investments, we won't climb out of the fiscal abyss we're in for a very, very long time. But a special session specifically to address this budget problem would be a good first step.