City Of Colorado Springs Under Budget For 2010

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City leaders say Colorado Springs is roughly $6.5 million under budget for 2010.

That's according to the Chief Financial Officer Terri Velasquez, who gave a budget update to the Colorado Springs City Council Monday afternoon.

Velasquez stressed the numbers are preliminary and likely to change.

11 News spoke with a council member who says the budget update is great news, but he is guardedly optimistic.

"2009 was dismal. We have to rebuild. I hope the trends continue but we're not going to announce a restoration of 62,000 transit hours tomorrow," said Colorado Springs City Council Member Tom Gallagher.

Part of the excess money will be used to replenish the city's reserve fund, which took a huge hit during the recession.

From there, council members will discuss if any programs will be restored that were cut because of funding issues. No decisions have been made.

"It's a tenuous economic recovery. The prudent play is to be conservative at this point, not overly optimistic, but I can smile," said Gallagher.

There will be another budget update in August, and at that time council members will begin discussing the outlook for the 2011 budget.