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Friday, January 27, 2023

Denver officials expect the financial foundation to reach pre-pandemic levels in 2022

The COVID-19 pandemic is not over yet, but the 2022 budget proposed by Denver Mayor Michael Hancock shows optimism about how the city will recover from the health and economic crisis.

Hancock and his staff predicted on Wednesday that by 2022, general fund income will reach $1.485 billion. This is 12% higher than the estimated $1.33 billion this year, because the pandemic has impacted on municipal revenues that rely heavily on the use of taxes.

If the forecast for 2022 is established, Denver will be similar to the situation in early 2020, when the Hancock government estimated revenue of $1.486 billion. According to the finance department, the city eventually lost $211 million.

In the budget letter issued on Wednesday morning, Hancock put the recovery mainly at the feet of the COVID-19 vaccine and pointed out that more than 70% of eligible urban residents have been vaccinated. He said—and hundreds of millions of dollars in federal COVID assistance funds—allowed the city to focus on recovery.

Hancock wrote: “My 2022 budget is financially responsible, fair, invests in our communities, supports our local businesses, and is the driving force for our recovery.”

The 800-page budget will be subject to city council hearings and amendments before the final vote is held later this fall.

World Nation News Desk
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