Newsmakers Oct. 3-16: Recovery spurs cities’ spending surge
Municipalities across the Boulder Valley and Northern Colorado have spent roughly $2.1 billion in 2014, up about $200 million, or 11 percent, over last year.
The surge in spending is true across the board, from larger communities, such as Louisville, Longmont and Loveland, to small towns such as Wellington, according to an analysis by BizWest.
After years of recession-driven budget cuts, 25 cities are loosening the purse strings this year, with some cities seeing budgets that are more than 50 percent higher than they were in 2008.
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Longmont, for instance, has increased its spending dramatically since the recession, laying out $230.5 million last year, up 26 percent from the $182.4 million it was able to spend in 2008.
“The city was hit very hard by the flood in September 2014, and a large portion of the increased budget is for repair and maintenance of infrastructure damaged by the flood,” said Barb McGrane, business services and strategic planning manager for the city.
McGrane also said that the city is recovering, but there are some revenues, such as property taxes, that have not come back to pre-recession levels.
Farther North, the economic picture also continues to strengthen. Loveland, for instance, has increased its spending 29 percent since the recession. Tiny Wellington, northwest of Fort Collins, is among the biggest spenders on a percentage basis, with plans to bump outlays by 92 percent, from $17.4 million, up from $9 million in 2013.
UPDATE
City tax revenues are likely to continue growing in 2015, thanks to ongoing strength in the economy. Next year, for example, Longmont is expected to spend $273 million.
Housing continues to improve, which bodes well for growth fees that cities collect and the ongoing recovery in property tax values.
Municipalities across the Boulder Valley and Northern Colorado have spent roughly $2.1 billion in 2014, up about $200 million, or 11 percent, over last year.
The surge in spending is true across the board, from larger communities, such as Louisville, Longmont and Loveland, to small towns such as Wellington, according to an analysis by BizWest.
After years of recession-driven budget cuts, 25 cities are loosening the purse strings this year, with some cities seeing budgets that are more than 50 percent higher than they were in 2008.
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