Tulsa World
By World's Editorial Writers
Published: 8/11/20112:15 AM
Last Modified: 8/11/20113:16 PM
A potential shortfall could leave several street projects unfunded three years from now when the 2006 third-penny sales tax and 2008 Fix Our Streets initiatives end.
This is not the first time in the city's history - nor is it likely to be the last time - that revenue shortfalls created by a sluggish economy and unforeseen obstacles and costs have delayed voter-approved initiatives. Remember the South Yale Avenue widening project? Those living nearby or alongside the corridor doubted the project would ever be completed.
This week finance officials provided the City Council 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.
That savings resulted from federal stimulus dollars being used as an alternative funding source for some general obligation bond projects.
All of the bond projects are funded, thankfully and the program is winding down. The only restriction is that funding must go to other street projects... FULL ARTICLE
Posted on
Thu, August 11, 2011
by John Cox