SUBJECT: A Resolution Establishing And Certifying The Property Taxes For The Town Of Erie, Colorado, In Weld And Boulder Counties For The Year 2018
DEPARTMENT: Finance
PRESENTER: Steve Felten, Director of Finance
FISCAL INFORMATION:
Cost as Recommended: n/a
Balance Available: n/a
Budget Line Item Number: n/a
New Appropriation Required: n/a
STAFF RECOMMENDATION: Staff recommends the Board of Trustees approve the resolution that certifies the mill levy for 2018.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie's assessed valuation has increased 16.3% from $284,087,569 in 2017 to $330,339,391 for 2018.
Pursuant to Colorado State Statues, we have calculated the 2018 Operating Mill Levy to be 7.288. This property tax rate is the same as the 2017 Operating Mill Levy.
Erie voters approved an additional mill levy for trails and natural areas beginning in the 2005 Tax Collection Year. This shall be certified to each county as 4.000 mills for the 2018 Tax Collection Year. The purpose of this mill levy is the construction, acquisition and maintenance of trails and natural areas.
In addition, Erie voters approved an additional mill levy in 2006 for debt service on the general obligation bonds for the Erie Community Center. The bonds were originally issued in July 2006 and the first debt service payment was due in 2007. The bonds were partially refunded in 2013. This mill levy shall be certified to each county as 3.860 mills for the 2018 Tax Collection Year (a decrease of 0.642 mills compared to 2017 and a decrease of 3.460 mills since the original levy).
In 2014, Erie voters also approved an additional mill levy for debt service on the general obligation bonds issued to fund construction of a new public safety facility. This mill levy shall be certified to each county as 0.652 mills for the 2018 collection year (a decrease of 0.106 mills compared to 2017 and a decrease of 0.226 mills since the original levy). The total mill levy for general obligation bond debt service for the community center bonds and the public safety facility bonds for 2018 will be 4.512 mills compared to 5.260 mills in 2017.
The total mill levy certified to each county is 15.800 for the 2018 Tax Collection Year. This represents a decrease of 0.748 in mill levy from the 2017 Tax Collection Year. This decrease is due to the increase in assessed valuations and the resulting decrease in the mill levy required for debt service.
ATTACHMENTS:
1.) Resolution
2.) Certification of Tax Levies for Boulder and Weld Counties