SUBJECT: Consent Agenda
Title
A Resolution of the Board of Trustees 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 2020, to be Collected in 2021
Body
DEPARTMENT: Finance
PRESENTER: Candice Huot, Finance Manager
TIME ESTIMATE:
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Approve resolution that certifies the mill levy for 2020, to be collected in 2021
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Property taxes are collected in the year following the annual determination of assessed values by the county tax assessor. The Town of Erie's gross total taxable assessed valuation has increased 2% from $526,797,981 in 2020 to $537,152,595 in 2021. The TIF district increment in 2021 is $23,891,369, which has increased 6% from $22,352,373 in 2020. As a result, net of this TIF increment, the net total taxable assessed valuation upon which the Town's mill levy is calculated has decreased by 2.6%. The overall decrease in net assessed valuations was primarily due to significant reduction in oil and gas activity.
Pursuant to Colorado State Statues and the Town Municipal Code, the 2020 Operating Mill Levy (collected in 2021) will be 7.288 mills, unchanged from the prior year levy.
Erie voters approved an additional mill levy for trails and natural areas beginning in 2005. The purpose of this mill levy is the construction, acquisition and maintenance of trails and natural areas. The Trails and Natural Areas Levy shall be certified to each county as 4.000 mills for 2020, 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...
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