Cha-Ching! Hey, Where’d that 9.5 million go??

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For a few minutes, the ledgers of City Hall turned green — with an unexpected $9.5 million dollar surplus, according to the city manager’s monthly report for August. Most of that money came from a recent court ruling in favor of a city lawsuit filed by LCOR. LCOR is a limited liability company who owns several buildings in the Carlyle area including all of the USPTO buildings. LCOR filed the lawsuit over the city’s 2004 property assessment of the PTO buildings. The court ruling against LCOR was for $5.8 million when added to other unexpectedly high revenue streams from restaurant-meal taxes and recordation taxes.

So this means lower taxes for us right? Wrong. The city spent that money to bail out the failed ARHA with a loan. The rest of the surplus won’t be burning a hole in anyone’s pocket either as the city has probably found some way to spend the surplus.