Albuquerque Has Less Road Funds

KRQE - Albuquerque officials say the city's ability to maintain roads and build new projects is going to take a serious hit in 2013. Mayor Richard Berry's administration is projecting the city will have $110 million in bond capacity for the next bond cycle, far less than the $164 million it had to work with in 2011.
"$110 million is quite frankly not enough to keep the city in great shape on a long term basis," said Mayor Berry. "We really need to be in a $200 million range for a bond program for the city of ABQ and frankly that's where we would be if those property taxes hadn't been shifted away from the built environment and into the operation of government." Mayor Berry is referring to the transfer of approximately $48 million a year in property taxes into the general fund budget over the course of the last several fiscal years to balance the city's finances. But city finance director Lou Hoffman says a flattening of property tax revenues aren't helping either. Read full story here: News New Mexico

Albuquerque Has Less Road Funds