(The Center Square) – In three years, the city of Colorado Springs’ general fund revenue has increased by 26%, but the city has been in deficits the past two years and projects more overspending in the near future.
The city council received an update last week on its finances during a work session.
The financial data shows general fund revenue increased from $312.4 million in 2020 and grew to $394 million in 2023. But spending eclipsed the higher revenue. The city overspent by $28.4 million in 2022 and by $5.9 million in 2023.
The city’s 2024 budget projects the city will have deficits of $10 million in 2024 and $6 million in 2025.
The city’s five-year projections have total revenue climbing from $418.2 million in 2024 to $461.5 million in 2027. But spending will increase more than revenue, going from $428.3 million in 2024 to $465.9 million in 2027. The city expects to be back in the black by 2028.
The city didn’t respond to emails seeking comment.
