Colorado oil and gas communities could lose $37.4M
October 29, 2009
GRAND JUNCTION, Colo. – Colorado communities impacted by oil and gas production say they’re worried they will never see $37.4 million in severance tax grant funds being withheld by Gov. Bill Ritter.
Ritter said Wednesday he planned to hold onto to money in case it’s needed to balance the state budget.
The move is part of a broader set of measures designed to deal with a worsening state budget picture that will force the state to cover a revenue shortfall this year of $589 million.
The grants being held back come from taxes on energy production and are designed to help communities pay for additional services needed by oil and gas industry workers.
Some plan to urge Ritter to use unspent federal stimulus bill funds to replace any diverted severance tax funds.