Colorado governor announces $60M budget cuts
Posted: 08.23.2010 at 3:53 PM
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DENVER (AP) -- Gov. Bill Ritter is using money from medical marijuana registrations to help the state meet a $60 million fiscal emergency.

The governor is also cutting funding for the Department of Corrections, taking money from severance taxes and federal mineral lease revenues from local communities, and putting $40 million of local severance tax and federal lease grants on hold in case the economy continues to get worse.

The governor also will keep $150 million in the state's general fund in case the next revenue forecast, due Sept. 20, worsens.

The fiscal emergency gave Ritter the power to cut up to $75 million from this year's $18.2 billion budget after the state failed to meet a 2 percent reserve requirement.

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