Turmoil in the nation’s financial markets prompted one Denver councilman Tuesday to worry about the impact to Denver Mayor John Hickenlooper’s proposed $916 million budget for 2009.
During the weekly mayor-council meeting, Councilman Charlie Brown asked whether revenue projections in the budget might end up overly optimistic, given the sell-off on Wall Street and bankruptcy declaration by Lehman Brothers this week.
“Is this a realistic budget for the new economy we’re suddenly confronting?” Brown said.
Ed Scholz, the city’s director of budget and management, said the city still has the ability to make adjustments throughout 2009 if economic conditions worsen drastically, causing the 2.9 percent projected growth in revenue to prove overly optimistic. Christopher N. Osher, The Denver Post
