Turmoil in the nation’s financial markets prompted at least one Denver councilmember today to worry about the impact to Denver Mayor John Hickenlooper’s proposed $916 million budget for 2009.
Councilman Charlie Brown during the weekly mayor council meeting 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 and cause the the 2.9 percent projected growth in revenue to prove overly optimistic.
Councilwoman Jeanne Faatz said she wanted to see a list of the $13 million in cuts that were made to close a budget gap as well as an idea of where city managers will make an additional $7 million in cuts through 2009.
Scholz has said the cuts will not affect core city services.
Hickenlooper did not attend the meeting. For the mayor’s budget to become final, the city council must approve it.
Christopher N. Osher: 303-954-1747 or cosher@denverpost.com
