The $20.5 billion dollar state budget signed by Governor Hickenlooper this week includes $1.3 million dollars for the Office of Film, Television and Media. That’s less than half of what the department received last year.
During the housing bust, taxpayers were forced to bail out mortgage giants Fannie Mae and Freddie Mac. But thanks to the real estate recovery, Fannie Mae could end up paying tens of billions of dollars back to the Treasury this summer.
That's just one of the factors behind a better bottom line for the federal government. This week, the Treasury Department announced it will pay down some of its debt for the first time in six years.
Across the country, state budgets are back in the black after years of belt-tightening and spending cuts. From California to Florida, in nearly every state, the economic recovery has produced a surge in tax revenue.
For governors and state legislators, that's produced a new question: how to spend the money.
The past three years have not been easy ones for elected officials. Nearly every state requires them to produce a balanced budget. And with declining revenue from sales, property and income taxes, that has meant big spending cuts.