Eagle County expects $5M drop in revenue
July 9, 2010
EAGLE, Colorado – Projections developed by Eagle County’s Finance Department indicate the county will face a $5 million reduction in General Fund revenues in 2012 as compared to 2010, and county departments have begun the process of looking for ways to close that gap. The approximate 15 percent decrease would essentially bring county revenues back to 2005 levels.-
The projections include an anticipated 30 percent drop in property tax collections, combined with relatively flat sales tax collections.
County departments have been asked to identify cost cuts and revenue generating opportunities as they develop their 2011 budgets over the next two months. All programs and services are being reviewed.
The county will once again offer a voluntary early retirement package to employees who meet certain age and years of service criteria.
The projections do not include potential impacts to the county’s budget should three statewide ballot initiatives pass that would reduce certain taxes and fees and limit local government debt. Amendments 60 and 61 and Proposition 101 will be posed to voters this November.
The assumptions have been vetted by a panel of local citizens with expertise in the local economy, including Ken Marchetti, owner of Robertson and Marchetti; Mike Budd, broker with Prudential Real Estate; Mary Randall, president of Millennium Bank; Rob LeVine, general manager of The Antlers at Vail; and Don Cohen, executive director of the Economic Council of Eagle County.
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Public budget presentations are scheduled to begin in September.