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AURORA, Colo.—Aurora city officials are juggling revenues to cover a projected $10 million shortfall in the $246 million budget for 2009.
They say the city’s dependence on tax revenue from home construction is hurting finances because of the housing slump. Councilman Steve Hogan says the city needs to think about diversifying its economy.
About two-thirds of Aurora’s general fund comes from sale and use taxes.
The city’s construction-related use taxes are expected to drop from $13 million this year to $6.3 million next year.
The Colorado Municipal League says Aurora, whose population is roughly 300,000, is about average in its dependency on sales and use taxes.
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Information from: The Denver Post,
