City residents will see credit of approximately $32 per eligible electric account on May utilities bill
The City of Colorado Springs will issue the second round of TABOR credits to residents in May. The $7 million in refunds will be credited to eligible Colorado Springs Utilities’ residential and commercial electric accounts on May bills. The estimated total refund is approximately $32 per individual account.
The refunded amounts are from revenue received by the City in 2021 that exceeded the revenue limits allowed under the Colorado Taxpayers Bill of Rights. The City estimated that it received $35 million in excess revenue. In November 2021, voters allowed the city to retain $20 million of that amount to create a permanent Wildland Fire Mitigation Fund to be used by the Colorado Springs Fire Department to enhance wildland fire mitigation efforts in and around the city.
Approximately $8 million was refunded to residents on March utility bills. The May distribution will complete the $15 million refund.
The City’s property tax revenue in 2022 is expected to exceed the TABOR limit by $2.5 million. That amount is being refunded to property owners in the city as a credit on their 2022 tax bill. Credits are only given to accounts within the city of Colorado Springs.