Colorado Springs 2024 City Budget: Key Takeaways and Statistics

Strategic Insights -

The 2024 City Budget for Colorado Springs, presented by Mayor Yemi Mobolade, outlines a balanced budget with a 1.7% increase in the General Fund, totaling $428.3 million. While sales tax revenue remains flat compared to 2023, the budget addresses pressing issues in public safety, infrastructure, and park maintenance. The proposed budget includes significant investments in school zone safety, civilian and Police and Fire sworn employee salaries, and infrastructure projects. However, the budget also includes reductions in several areas due to anticipated revenue shortfalls.

Key Takeaways:

  • The 2024 General Fund budget is $428.3 million, a 1.7% increase from the 2023 General Fund budget.
  • $250,000 will be allocated for capital costs associated with adding school zones near middle and high schools to increase pedestrian safety.
  • $8.7 million is allocated for salary increases for civilian and Police and Fire sworn employees, as well as pay for performance for civilian employees.
  • The city's Housing and Community Vitality department will be elevated to a stand-alone department, and a Chief Housing Officer will be appointed.
  • $2.2 million will be invested in insourcing fleet maintenance to increase service levels and reduce turnaround times.
  • $1.9 million in matched funding will be used to leverage $15.4 million for critical infrastructure and transportation-related capital projects.
  • The City's Americans with Disabilities Act operating and capital projects will continue to receive $1.3 million in funding to maintain and improve accessibility.
  • Significant investments will be made in Information Technology, including $1 million for upgrading backup technology and establishing a new Disaster Recovery location.

Statistics:

  • The 2024 General Fund budget is $428.3 million, representing a 1.7% increase from the 2023 General Fund budget of $429.1 million.
  • Sales tax revenue is flat compared to 2023, with a 2.5% increase over the 2023 end-of-year forecast.
  • The city's unrestricted fund balance is expected to remain at approximately 17%, above the Government Finance Officers Association (GFOA) recommended target of 16.7%.
  • $10 million will be used from reserves to balance the budget, keeping the city's unrestricted fund balance at 17%.
  • The city has identified a 3.4% reduction in operational spending across all City departments.

Sources:

  • News release from the Office of the Mayor, Colorado Springs
  • Letter from Mayor Yemi Mobolade to City Council, dated December [missing], 2023 (no date provided)