Colorado Springs Utilities is owned by its customers, you and me, and because of that, doesn't have to pay property or sales taxes.
Instead, it pays the city's general fund a surplus based on gas and electric sales. That comes to roughly $30 million annually, which comes in mighty handy for a city in a budget crunch due to the recession.
Now, Denver mayoral candidate Chris Romer wants to follow that lead, according to the Denver Post.
He says Denver Water, which has been separate from city government since 1918, should pony up. He notes that Denver Water is so flush, haha, that employees don't have to contribute to their own pension funds.
Meantime, Colorado Springs Utilities continues to pay the surplus, despite voters' passage of a ballot measure in November 2009 that called for all payments between the city and its enterprises to cease. City Council has kept the surplus payment in place, and so far there hasn't been a legal challenge.
That's what the people wanted; that's what they're going to get. They obviously wanted a…
Well, the Wright 'Flyer' also had two tails.
Oppps! My bad. Tomcat