Pitkin County will base its 2012 budget on an economic forecast that, observed one elected official, is “realistic” as opposed to “optimistic.”
The outlook is buoyed by a 7 percent increase in sales tax revenues through June (4 percent was the projected increase for this year), but investment earnings will be negligible and development fees are expected to remain stagnant, county commissioners were told.
Property tax revenues supporting the county’s general fund, which pays for general county services, are expected to increase 3.7 percent in 2012. Increases are limited by Colorado’s Property Taxpayers Bill of Rights (TABOR) to the consumer price index and real growth, or new construction, which stands at 1.6 percent.
The gains in sales tax revenues are expected to continue in July and August, though those numbers aren’t yet available, said Tom Oken, county treasurer.
“Our sense was, you know, the summer was pretty strong,” he said.
Read the rest of this report at .
