Ballard Unveils C.I.B. Funding Proposal
THIS IS THE FULL VERSION UPDATED AT 3:50 P.M.
With a little more than two weeks to go in the Indiana General Assembly, Indianapolis Mayor Greg Ballard unveiled his plan to shore up the $47 million operational shortfall.
The plan includes the following…
- Increasing the local alcohol tax and expanding the professional sports district ($20 million)
- Contributions from the Colts and Pacers ($10 million)
- Increase in the hotel and motel taxes ($4 million)
- A two-percent increase in the car rental tax ($2 million)
- Increase the ticket tax 6-10% ($6 million)
- CIB budget cuts ($8 million)
Ballard hopes the tax increases can be sunset once the Marriott and Convention are brought on-line, as well any revenue from the Pacers once the NBA renegotiates its contract with the player’s union. This actually makes sense because Ballard has a reputation for reducing taxes after he returned a portion of the County Option Income tax which the city did not need.
The Mayor also says he did not want to raise the food and beverage tax because those would be too broad and hit too many families. There is no word yet on who will sponsor these proposals.
