Tulsa World
By BRIAN BARBER World Staff Writer
Published: 8/9/20112:41 PM
Last Modified: 8/9/20115:53 PM
Revenue projections for the city’s 2006 third-penny sales tax and 2008 Fix Our Streets initiatives show a $55.1 million shortfall by the time they end in 2014, potentially leaving projects unfunded.
Finance officials presented the City Council on Tuesday with a series of budget amendments to use $15.1 million in savings from the 2005 general obligation bond program for 19 projects in the other two voter-approved packages.
The savings resulted from federal stimulus dollars being used as an alternate funding source for some general obligation bond projects.
All of the bond projects, totaling about $250 million, are funded, and that program is now winding down, said Gary Hamer, the Finance Department’s capital planning manager.
“As part of our strategy to head off the potential shortfall, we are working to identify savings in all of our capital programs,” he said during the council committee meetings.
Restrictions in the bond titles require that the funding goes to other street projects, Hamer said... FULL ARTICLE
Posted on
Tue, August 9, 2011
by John Cox