Colorado Springs City Council and Springs’ Issue 300 supporters are arguing about how to draw down the $1.4 million enterprise fund escrow

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From The Colorado Springs Gazette (Eileen Welsome):

Rivera argues that the City Charter, not Issue 300, is the guiding document that determines where CSU’s surpluses go. And the charter states that any surplus from CSU can be appropriated to the city’s general fund. “The charter overrules Issue 300,” Rivera said in an interview Tuesday, adding that payments to the city from other enterprises, such as the airport, are being phased out as required by the new ordinance. The City Council is expected to vote on what to do with Utilities’ $1.4 million later this month.

Issue 300, sponsored by anti-tax advocate Douglas Bruce, instructed the city to phase out payments in lieu of taxes to the city’s general fund from its enterprises over an eight-year period starting in 2010. As a consequence, Utilities was instructed to hold back one-eighth, or nearly $4 million, of the estimated $31.7 million in funds scheduled to flow into the general fund in 2010 and place it in an escrow account. As of the end of April, the money in the escrow account amounted to $1.4 million, said Terri Velasquez, the city’s chief financial officer.

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