Colorado Gov. John Hickenlooper talks about his first 100 days as governor, Wednesday April, 19, 2011, at the state capital. RJ Sangosti, The Denver Post (THE DENVER POST | RJ SANGOSTI)

Colorado lawmakers this morning heard revised budget forecasts that Gov. John Hickenlooper thinks will allow $89 million to be restored to the state's beleaguered education funding.

But the head of the legislature's money-minding Joint Budget Committee stopped short of endorsing the plan to boost education dollars based on budget predictions.

"We're still in a very tentative situation economically," said Rep. Cheri Gerou, R-Evergreen. "We need to stay vigilant and careful with our budget."

Hickenlooper's budget-makers told legislators this morning they expect revenues for the current fiscal year to come in $231 million above expectations. That, plus an expected boost to next fiscal year's revenues, have the governor proposing the restoration to K-12 education funding, plus additions to the higher education budget and to a program that helps needy seniors pay their rent and heating bills.

"Everything syncs up with places we didn't want to cut," said Henry Sobanet, the executive director of the Office of State Planning and Budgeting.

The nonpartisan economists of the Colorado Legislative Council, who work for lawmakers, estimated this year's budget boost as only $148 million, though they are more optimistic than the governor's office about next fiscal year's revenues. But Natalie Mullis, the Legislative Council's chief economist, said the differences aren't significant.

She cautioned, though, that the extra money — which comes in a general fund budget of about $7 billion — doesn't mean Colorado is flush.

"It sounds like a lot of money," she said, "but it's really not because it doesn't include the cost of inflation and rising caseloads."

Still, reaction to the budget news today was, understandably, positive. One lawmaker joked that Sobanet was like "Santa's helper."

The Colorado Education Association called Hickenlooper's budget proposal, "a welcomed gift for Colorado kids this holiday season."

"Our students and schools so desperately needed a good-news day, and this is good news," Beverly Ingle, the CEA's president, said in a statement.

State Senate President Brandon Shaffer, D-Longmont, used the news as occasion to campaign for the "Colorado Works" package of jobs bills Democrats plan to introduce next legislative session.

"It's encouraging to see Colorado's economy continue to improve, but we need to keep working to create jobs and strengthen the economy," Shaffer said in a statement.

Meanwhile, House Majority Leader Amy Stephens, R-Colorado Springs, criticized Hickenlooper for not instead using the extra money to restore a $100 million property-tax exemption for seniors.

"While I am disappointed that Gov. Hickenlooper continues to propose a property tax increase on Colorado's seniors most in need, Colorado's slow economic recovery gives us reason for optimism," Stephens said in a statement.

John Ingold: 303-954-1068 or jingold@denverpost.com.