The Colorado Springs City Council passed the City’s 2024 budget today. The General Fund budget for 2024 will be $428.3 million, which is $7.2 million more than the 2023 General Fund budget, or a 1.7% increase.
Mayor Yemi Mobolade praised the passage of his first budget as Mayor, which he believes will help addressing the City’s most pressing and urgent issues in the areas of public safety, infrastructure and park maintenance.
The budget includes 4% salary increases for all sworn Police and Fire employees and those in the Emergency Communication Center, fully funds the Homeless Outreach Program (HOP) in the Fire Department’s Community and Public Health Division and provides matching funds to help fund the construction of critical infrastructure and transportation-related projects. The City also plans to cap its 2024 property tax rate, providing financial relief to residents from increased property taxes.
“The City’s 2024 budget prioritizes the most important needs of our residents to help make Colorado Springs an inclusive, culturally rich, economically prosperous, safe and vibrant city on a hill,” said Mayor Yemi. “I'd like to thank our City Councilmembers for their collaboration and diligence in shepherding the 2024 budget across the finish line, which by law must be balanced. For three reasons, this year’s budget was no easy task. Costs are up, inflation is high, and we’re forecasting flattening sales tax. That is why we made prudent cuts across City departments to help make the most of taxpayer dollars while maintaining our ability to provide excellent city services.”
In 2023, Colorado Springs’ City sales tax revenue flattened, and, in some months, it declined. That trend is expected to continue into 2024, with only a small, anticipated increase compared to the previous year.
The 2024 budget includes strategic reductions to City departments, which each identified a 3.4% reduction in spending. Parks, Recreation & Cultural Services, Police, Fire, and Public Works remain the top-funded departments. The budget prioritizes the city team, our most important asset to serve the public, and includes a one-time judicious use of $10 million of reserve funds.
The complete 2024 budget is available at ColoradoSprings.gov/budget.