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Colorado Legislative Council Staff's June 2019 Economic & Revenue Forecast reports that the General Fund is expected to end FY 2018-19 with a 10.0% reserve and FY 2019-20 with an 8.1% reserve, both above the 7.25% statutory reserve. Revenue subject to TABOR is expected to exceed the Referendum C cap, resulting in TABOR refunds in FY 2019-20 and FY 2020-21. The General Assembly is projected to have $763.1 million more to spend or save in the General Fund in FY 2019-20. The forecast contains both upside and downside risk due to the late stage of the economic expansion and uncertainty surrounding taxpayer behavior. Cash fund revenue subject to TABOR is expected to grow by 6.4% to $2.45 billion in FY 2018-19 and decrease by 0.3% to $2.44 billion in FY 2019-20. The U.S. and Colorado economies are expected to continue to expand through 2019 and into 2020, but at a slower pace of growth. Risks to the outlook are skewed to the downside, with concerns over future growth due to labor market tightening, global economic activity slowing, and trade tensions persisting.