Officials to Host Open House on TABOR Ballot
KREX News Room
GRAND JUNCTION, Colo.- Nearly 5 years ago, Grand Junction residents voted in favor of a TABOR fund, saving the city millions. However, that fund could soon expire.
The Taxpayer’s Bill of Rights, or TABOR, sets a limit on sales tax revenue that a city can collect. If the revenue surpasses that limit, then voters have a chance to have the overflow returned to them, or decide whether to invest the funds in capitol improvements.
In 2008, tax payers voted in favor of putting the funds to the Riverside Parkway project, which officials say, saved the city 8 to 10 million dollars in interest.
However now, we are coming to the end of that cycle.
“We think that we have a lot of needs in the city and we want to see if we can continue to keep those dollars,” said Diane Schwenke, CEO of the Grand Junction Area Chamber of Commerce. “It’s important to note that we are not asking for a tax increases. We are just asking to be able to keep up with what we are doing and some additional infrastructure that benefits the tax payers of the valley.”
Officials from the Chamber want to continue to put these funds towards the Riverside Parkway project, but want to hear what you think. They will be hosting an open house on Thursday from 4-7 p.m. at the Two River’s Convention Center.
Comments will also continue to be collected until December 21st, then giving to the city council for review.
If the TABOR doesn't pass, officials say the money come back to the tax payers in some fashion. It will average out to be $3 or $4 a month per household.