By Shaun Boyd | CBS Colorado
The hole in the Colorado state budget is getting bigger.
The latest figures show a shortfall of about $1.2 billion, and the state’s chief economist says the reserve — or rainy-day fund — will run out of money by 2029 if nothing changes.
“The message is we are on an unsustainable path with our budget if we don’t change our spending habits,” said State Sen. Barb Kirkmeyer, who is one of six lawmakers on the Joint Budget Committee.
The Republican says lawmakers have simply overspent, pointing out the state has added more than 7,000 full time employees and 17 new state offices in the last six years alone.