City hoping Denver voters approve 'de-Brucing' measure to help restore budget
Officials say measure would raise $68M
8:48 AM, Oct 15, 2012
Denver city officials are hoping voters will approve a measure this November to keep $68 million that is normally returned to tax payers.
The money will be used to hire 100 police and fire recruits, repave 300 lane-miles of roads, replace 1,000 city vehicles and provide free access to rec centers for kids, according to the Denver Post.
The measure allows the city to keep tax money already collected but is supposed to be given up because it is above the limit imposed by the Taxpayer's Bill of Rights or TABOR. The idea is often called "de-Brucing" after TABOR author Douglas Bruce.
"If approved, this proposal — in conjunction with our efforts to operate the city more cost-effectively — would eliminate Denver's budget deficit, allow us to recover more quickly from the recession and enable us to catch back up on essential services lost over the past four years," Denver Mayor Michael Hancock told the Post.
However, some businesses do not support the idea saying property taxes are already too high. Denver Public Schools is also asking for $466 million in new money.
In an open letter, Denver Metro Commercial Association of Realtors President Tyler Smith said the two measures would create a 21 percent increase on Denver property taxes.