SUBJECT: Consent Agenda
Title
A Resolution of the Council of the Town of Erie Establishing and Certifying the Property Taxes for the Town of Erie, Colorado, in Weld County and in Boulder County for 2024, to be Collected in 2025
Body
DEPARTMENT: Finance
PRESENTER: Cassie Bethune, Finance Manager
TIME ESTIMATE: 5 minutes
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Approve the Resolution that certifies the mill levy for 2024, to be collected in 2025
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Property taxes are collected by the county tax assessor in the year following the annual determination of assessed values. The Town of Erie’s gross total taxable assessed valuation for properties within Weld County decreased by about 1% from $459,225,690 in 2024 to $455,014,930 in 2025. The decline reflects primarily changes in the valuation of oil and gas production. In contrast, the Town’s gross total taxable assessed valuation for properties within Boulder County increased by 2% from $308,812,679 in 2024 to $315,061,782 in 2025. As a result, the Town's combined gross total taxable assessed valuation has increased 0.27% from $768,038,369 in 2024 to $770,076,712 in 2025.
The total TIF district increment in 2025 is $59,469,250, an increase of 6.44% from $55,869,755 in 2024. Net of this TIF increment, the net total taxable assessed valuation on which the Town’s mill levy is calculated has decreased by 0.22%.
Pursuant to Colorado State Statutes and the Town Municipal Code, the 2024 Operating Mill Levy (collected in 2025) will be 7.288 mills, unchanged from the prior year levy.
Erie voters approved an additional mill levy for trails, natural areas and community character (TNACC) beginning in 2005 and approved an extension of this mill levy in 2022. The purpose of this mill levy is the construction, acquisition, and maintenance of trails and natural areas. The TNACC Levy will be certified to each county as 4.000 mills for 2024, unchanged from the prior year.
In addition, Erie voters approved an additional mill levy in 2006 for debt service on the general obligation bonds issued for construction of the Erie Community Center. The ballot issue allows the mill levy to be increased in any year without limitation to pay for premium (if any), principal and interest on the existing debt or any refunding debt thereafter. The original mill levy for the Erie Community Center Construction Bond, which was certified in 2007, was 7.320 mills. This mill levy will be certified to each county as 1.791 mills for 2024 (to be collected in 2025). This is an increase of 0.001 mills compared to the prior year (reflecting the slight decrease in the Town’s net total taxable assessed valuation) and a decrease of 5.529 mills since the original levy. The mill levy is calculated by dividing the annual required debt service by the net total taxable assessed valuation. The annual increases/decreases in net total taxable assessed valuation have caused temporary reductions and increases in prior years, none of which caused the mill levy to exceed the original levy of 7.320 mills.
In 2014, Erie voters approved an additional mill levy for debt service on the general obligation bonds issued to fund construction of a new public safety facility. The ballot issue allows the mill levy to be increased in any year without limitation to pay for premium (if any), principal and interest on the existing debt or any refunding debt thereafter. The original mill levy for the Public Safety Building Bond, which was certified in 2015, was 0.878 mills. This mill levy shall be certified to each county as 0.303 mills for 2024 (to be collected in 2025). This is the same mill levy as the prior year and a decrease of 0.575 mills since the original levy. As indicated above, the annual increases/decreases in net total taxable assessed valuation have caused temporary reductions and increases in prior years, none of which caused the mill levy to exceed the original levy of 0.878 mills.
The total mill levy for General Obligation Bond Debt Service for the community center bonds and the public safety facility bonds will be 2.094 mills in 2024 (collected in 2025), an increase of 0.001 mills compared with the 2.093 mills in 2023 (collected in 2024) and again reflecting the slight decrease in the Town’s net total taxable assessed valuation.
The total mill levy certified to each county is 13.382 for 2024 (to be collected in 2025). This represents a slight increase of 0.001 mills from the levy in the prior year due to the increase in the mill levy for General Obligation Bond Debt service as indicated above.
COUNCIL PRIORITY(S) ADDRESSED:
ü Attractive Community Amenities
ü Engaged and Diverse Community
ü Prosperous Economy
ü Well-Maintained Transportation Infrastructure
ü Small Town Feel
ü Safe and Healthy Community
ü Effective Governance
ü Environmentally Sustainable
ü Fiscally Responsible
ATTACHMENTS:
1. Resolution --