Indiana News

Filling City Budget Hole With CIB Money Falls Short For Indy Tourism Industry

10/8/2012

In order to help fill a city budget hole, the Capital Improvement Board might take a budget hit in the tens of millions of dollars.

Indy's City-County Council may discuss this idea later in the week, but already Leonard Hoops, the head of Visit Indy is worried.

Hoops says there are myriad reasons why the city needs to look elsewhere to help balance it's checkbook.

Hoops says cutting money could hurt the tourism related industry, which accounts for about 70,000 jobs. But there is economic damage to the organization as well.

Hoops says the CIB already has a lot of its budget tied up in bond issues, which doesn't leave a lot left for maintenance, which can be costly considering the billion dollars in assets the CIB has to keep up.

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