MONUMENT, Colo. (KOAA) — Amid growing concern of a potential economic downturn, Monument anticipates decreased sales tax revenue percentages in 2025, thus changes to the Town's budget were made.
"We just want to understand how sales tax revenues are going to affect 2025 with the uncertainty in the economy right now," said Interim Town Manager Madeline Vandenhoek. "Economists are talking about a potential upcoming recession."
Vandenhoek said a combination of grant funding, a software glitch, and lower than projected sales tax revenue is what prompted the changes.
"We've right now said that there's only going to be a 2% increase in sales tax for 2025, which historically, we had seen more like a six or 8% increase in sales tax," she said.
Town staffing will see the biggest impact from these changes. Vandenhoek says some open administrative positions will now not be filled. In addition, the town's police department was hoping to add three more officers, but that expansion will also be on hold.
"We made some adjustments in staffing levels based on what our projected revenues are going to be," said Vandenhoek.
That assumption that people are buying less has Treasures Bookstore Owner Tommie Plank noticing fewer books this year, from novels to nonfiction, coming off the shelves.
"My husband and I came here in 1982. We talk with our customers. We know our customers. The customers know us," said Plank. "I think people are a little more cautious and prices of everything are going up."
That includes the paperbacks at Plank's store, saying book prices are determined by publishers, and those have gone up as well.
"The publishers are raising the prices of books," said Plank. "Paperback books. Hardcover books. Now it's not unusual to find hardcover books $30 and that's a big expense for one book."
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