Friday, August 20, 2010

City eyes $8 million boost for 2011

Posted By on Fri, Aug 20, 2010 at 4:06 PM

On Monday, the Colorado Springs City Council will have a chat about next year's budget, or at least get a little information from the budget folks.

Will more streets be lighted next year?
  • Will more streets be lighted next year?

Although revenue from sales and property taxes is expected to be flat compared to this year, budget officials say Council's decision to continue receiving "surplus" revenue from city-owned Colorado Springs Utilities "could result in approximately $8 million in additional revenue for 2011." This is because the council at one time thought of deep-sixing the surplus, called the payment in lieu of taxes, in response to the voters' approval of Issue 300 last fall, which eliminated payments between the city and its enterprises.

Anyway, because of the decision to call it surplus and keep it, the city could restore some city services, such as streetlights and park programs, or hold off to see what 2011 brings.

And, by the way, 2011 isn't looking very good. City budget staff identifies these pitfalls ahead:
• a double-dip recession that drives sales and use taxes down;
• voter approval of Proposition 101 and Amendments 60 and 61, which would hamstring governments' financing;
• and a voter-approved ban on medical marijuana businesses, which would erode revenue the city has been receiving in licensing fees and taxes from MMJ.

If you want to inform yourself, so you know what's going on, check this out for a more thorough explanation.

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