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STRUCTURAL FINANCIAL TASK FORCE

The task force has been charged with achieving the following goals:

  • Learn about the City’s revenues, expenditures and tax burden.
  • Challenge and validate Denver’s thirty year expenditure and revenue forecasts identifying a structural budget gap.
  • Generate and vet expenditure and revenue ideas that could solve the structural gap.
  • Recommend to the City a package of options that will solve the structural gap.

Two Distinct Issues
In the past, budget deficits have been caused by cyclical recessions, such as in the early 2000’s and in the last three years. These have been solved with expenditure reductions, some temporary in nature and some service cuts, until revenues recover. However, this recession has been so severe that we are expecting another deficit to solve in 2012. This is primarily due to continued slow revenue growth on a significantly reduced base. There is some question as to whether this revenue base will ever fully recover.

Separate from cyclical recessions, a structural deficit between revenues and expenditures has been growing over the last decade. It is being caused by:

  • A changing economy, spending habits, and demographics that are causing revenues to grow at slower rates, especially in the last 10 years
  • Pressures on expenditures, such as health care costs, that prevent the reduction of on-going costs without impacts on services. Expenditure growth does not include expansion of existing services or addition of new services (ex. composting).

This Task Force will primarily be addressing the structural budget deficit that would have been an issue even if there had not been a recession.

Denis Berckefeldt, Director of Communications, Office of the Auditor, CCD
Wayne Cauthen, Former Chief of Staff to Former Mayor Wellington Webb, City and County of Denver
Rob Cohen, Chairman & CEO, IMA Financial Group, Inc.
Eric Duran, Vice President, Public Finance, Investment Banking, D.A. Davidson & Co.
Lindy Eichenbaum Lent, Executive Director, Civic Center Conservancy
Jack Finlaw, Chief Legal Counsel, Office of Governor John Hickenlooper
Albert C. Gonzales, President, Gonzales Consulting Services, Inc.
Gloria Higgins, President, Genspring – Denver Office
Cary Kennedy, CFO, City and County of Denver
Richard Lewis, President & CEO, RTL Networks, Inc.
David Miller, President & CEO, The Denver Foundation
Chris Nevitt, City Council President
Rick Pederson, Partner, Bow River Capital Partners
Lisa Roy, Executive Director, Timothy & Bernadette Marquez Foundation
Ed Scholz, Senior Vice President of Finance and Operations, Denver Museum of Nature & Science

 

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Use our online app to learn about Denver's revenue, investments, budget, and expenditures.

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CONTACT US
 

 

Webb Municipal Office Building
201 W. Colfax Ave., Dept. 1010
Denver, CO 80202
Phone: (720) 913-5500
Fax: (720) 913-4103
Budget@denvergov.org

Business hours:
7:30a.m. - 4:30p.m.