Denver puts $950 million of GO bonds on November ballot

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Denver, which faces a two-year $250 million budget deficit, will ask voters in November to approve $950 million of general obligation bonds to finance infrastructure and other projects.  

The city council approved a five-part bond proposition Monday night, earmarking $441.42 million for transportation and mobility, $174.75 million for parks and recreation, $30.1 million for health and human services, $244.43 million for city infrastructure and facilities, and $59.3 million for housing.

At $950 million, the six-year "Vibrant Denver" debt program is at the maximum level for not requiring a property tax increase, according to Nicole Doheny, the city's chief financial officer. 

The program was initially sized at $800 million as officials sorted through billions of dollars in capital needs. 

"We've got very, very, very more needs than we're going to meet with these bonds," City Council Member Paul Kashmann said. 

Denver voters approved $260 million of bonds in 2021 and $937 million of bonds in 2017. The triple-A-rated city ended fiscal 2024 with nearly $1.05 billion of outstanding GO bonds, according to its annual financial report.

The approval of a Nov. 4 bond election comes as Denver takes steps to address budget gaps of $50 million in its current budget and $200 million in fiscal 2026, which begins Jan. 1.

Unpaid furlough days and a hiring freeze were ordered earlier this year by Mayor Mike Johnston, who reportedly plans layoffs later this month. His office did not immediately respond to a request for comment on layoffs.

A financial outlook released in May indicated the shortfall was due to flattening revenue and growing costs. 

In his July 21 State of the City address, Johnston said Denver faces challenges —"some fueled by national political instability, others by the ripple effects those decisions have on our local economy and our city budget."

"To meet this moment we have to find a way to make government work better and cost less," he said.