Mayor says Denver budget must be cut $120 million |

Mayor says Denver budget must be cut $120 million

DENVER, Colorado- Denver Mayor John Hickenlooper says the city will have to cut its budget by $120 million over the next 18 months because of dropping sales tax revenue.

That amounts to 12.6 percent of Denver’s general fund budget of about $950 million.

Hickenlooper said Friday that the city’s core sales tax revenue was down 10.7 percent in May from May 2008. It was the eighth straight month of significant declines.

The mayor has sent letters notifying city employees of the budget reduction. City departments are starting to submit their 2010 budget proposals.

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