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Aldermen discuss rising ward fund balances and possible inflation adjustments; no formal action taken
Summary
Aldermen and staff reviewed $75,000-per-ward allocations established in 2009, noted large cumulative balances (about $4.9 million total across wards) and discussed whether to raise the per-ward allocation to account for inflation and future casino revenues. No change was voted at the meeting.
A discussion about annual ward initiative funds occupied a portion of the Aurora Finance Committee’s Nov. 14 meeting but produced no formal committee action. Aldermen reviewed the history of a $75,000 annual allocation per ward adopted in 2009 (typically split two-thirds for capital and one-third for ward enhancement) and discussed whether the unadjusted amount has lost purchasing power to inflation.
Alderman Bugg said $75,000 in 2009 is worth roughly $110,000 today and urged early discussion of potential changes so that aldermen could plan for 2026 spending. Alex Andrew, chief management officer, and Chris Minnick, CFO, provided a staff overview that showed gambling-tax revenue (the primary source for portions of the ward funds) declined from a $12 million peak in 2009 to roughly $6 million in recent years and that, as of the latest update, aggregate ward fund balances total about $4.9 million across the city’s 10 wards.
Staff and aldermen discussed three considerations: (1) existing accumulated balances and their uses, (2) the erosion of purchasing power from inflation since 2009, and (3) potential revenue increases when the new casino opens and begins producing higher gaming-tax receipts. Andrew cautioned that increasing the annual allocation now would require reductions elsewhere or new revenue and recommended waiting to adjust permanent allocations until the casino revenues are realized.
Several aldermen said they would prefer to spend down existing balances on near-term projects and ask departments for clearer project guidance to help allocate capital funds. No amendment or motion was made at the meeting; staff said they will provide updated ward-balance data and continue the conversation in future budget discussions.
