Baseline, Capital Improvements Budget Scream Panic

10 TV: There is more grim financial news for Columbus. City leaders projected Monday that next year's budget will come up $115 million short... In addition, the city's capital improvement budget which contains money used to repair and build infrastructure -- looks to also take a major hit.

City Auditor High Dorrian said the city thought it would have enough money to support a $239 million capital improvement budget. On Monday, he predicted that the city will not have enough money to fund 90 percent of next year's projects… Dorrian blamed the shortfall on income tax collections. "The income tax stream has suffered a rather dramatic decline this year, a great decline than any year of its history," Dorrian said.

Finance Director Joel Taylor said shortfall would have a significant impact. "Things like new street resurfacing, roadway improvement, curb improvements, alley work, sidewalks, bike paths; none of that stuff is going to be funded in this capital budget, Taylor said.

In August, voters will decide the fate of a proposal to raise the city's income tax rate from 2 to 2.5 percent. The city said the increase is needed to maintain services, like police, firefighters and trash collection.