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Recession Impact on DWR during <br />FY 2012 ?? <br />The September 2010 Economic Forecast predicts a General Fund revenue shortfall of an additional $1.1 billion. <br />•Although the economy continues to recover, revenue growth for Colorado is slow due to sluggish consumer consumption in an environment where our citizens are struggling with high debt levels, and <br />•Banks have tightened credit standards as they attempt to repair their balance sheets and build capital reserves <br />•Beginning in 2012, the State does not expect to have access to additional Federal Stimulus funds, and cash reserves have been tapped out following corrective actions taken in the last two fiscal years. <br />•The Governor has committed to submitting a balanced budget to the JBC on Nov. 1, 2010. <br />•Impact on DWR is unknown for several more weeks, but we should probably expect at least a continuation of budget reductions similar to FY 2011.