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City of Aspen projecting massive revenue losses, expenditure cuts

The city of Aspen finance director is estimating a loss of almost $13 million in lodging and sales tax revenue this year due to the COVID-19 crisis.

ASPEN, Colo. — City Finance Director Pete Strecker’s 2020 tax projections will translate into massive cuts in capital projects and municipal services, including in public transit and parks and open space programming.

“In August we’re hoping there is a (bounce back) but that’s absolutely contingent upon what the travel looks like, the travel bans, and how soon and comfortable people are moving around the country and around the world,” he said. “The overall projection at this point is that we will see softenings all the way through the year, even December, ski season, we are still down 22 percent.”

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Strecker projects a decline over last year in monthly sales tax revenue anywhere between 65% in March to the 50% reductions through the summer months and into the 30% losses in the fall.

“The public health orders are really designed to put an end to the spread of this contagion but in doing that, it heavily impacts businesses,” he said. “We have to be able to kill the virus, we have to kill the spread of it, but we have to be prepared for the economic recovery.”

Continue reading this story at The Aspen Times.

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