Do You C.I.B. What I C.I.B.?
Okay, here are the details on the state CIB funding proposals to close the $47 million budget hole which includes $20 million in operation costs for Lucas Oil, $15 million for Conseco, $5 million for the Convention Center and $3 million for marketing the Convention Center as they sit right now.
- CIB budget cuts – $10 million.
- Potential Colts contribution – $5 million.
- Potential Pacers contribution – $5 million.
- Revenue from Alcohol tax increase – $40 million. $8 million goes to Marion County, the rest to other Indiana cities and towns,
- Expansion of the Downtown Sports District to include the Marriott hotel – $6 million.
- Increase in the ticket tax from 6% to 10%- $6 million
- Increase in the Marion County food and beverage tax by 0.25% – $5 million.
- Increase in the Innkeepers tax from 8% to 9% – $ 4 million.
A full hearing is expected in the morning. My personal preference would be to avoid raising local taxes and expand the Downtown Sports District to capture the $15 million. That would be much better than making the hotel and food and beverage taxes amongst the highest in the nation.
I’m pretty cool with the rest of it, however there is no guarantee the Colts and Pacers will kick in their fair share. In addition, Senator Luke Kenley equates the increase in the alcohol tax to a penny on beer and wine and two cents per shot. I can live with that, especially since the alcohol tax has been the same since 1981.
What’s important to remember is that this is all a starting point and a lot can happen in 30 days. If you don’t like any of this, offer a suggestion or shut up. It’s just that simple.
I’ve also included audio from the briefing on this blog so you can hear Mayor Greg Ballard and Senator Kenley in their own words. The entire news conference is about 40 minutes. Each section, except for the last, is 7-10 minutes for easier digestion. Part 5 is less than 3 minutes long. The reporter questions are a little low, but you can hear the Mayor and Senator.
