HomeMy WebLinkAbout20022691.tiff "e„,/"."\Coforado Departtreat of Local Affairs
2002 BUDGET AND PROPERTY TAX INFORMATION
For Colorado local governments NOT SUBJECT to the "5.5%" Statutory
Property Tax Limit
(Annual Levy Law, C.R.S. 29-1-301, et seq.)
Property Tax Revenue Limits operating purposes last year. Therefore, you
By mid-August, most Colorado local may be subject to two other limits on property
governments have started the process to tax. These are the property tax revenue limit
develop their 2003 budgets. If a local and the mill levy limit of TABOR, (Taxpayer's
government uses property tax revenues, a Bill of Rights"), Article X, Section 20,
crucial element in the process is calculating Colorado Constitution.
the amount of property tax revenue allowed
by the various limits that may apply to the The 2002 Consumer Price Index for
local government. Denver-Boulder-Greeley (the "CPI") is used in
the TABOR revenue limit. Forecasts are
To calculate the property tax revenue 3.0% (Office of State Planning and
limit(s), the government must use information Budgeting) and 2.3% (Legislative Council) as
provided by the county assessors in the of June. The federal Bureau of Labor
"Certification of Valuation." This year, the Statistics comparison of the first six months of
deadline of August 25 for assessors to mail 2001 to the first six months of 2002 shows a
the Certification of Valuation falls on a 2.2% increase. Updates to the forecasts can
weekend. The assessors are authorized to be found on the Department's web site or by
mail the certification on August 26. The contacting the Department.
Division of Local Government (the "Division")
in the Department of Local Affairs (the The Certification of Levies for NON-
"Department") receives copies of these SCHOOL Governments (Form DLG 70)
certifications from every assessor. The must be completed by your entity and
Division uses information from the submitted to your board of county
certifications and other sources to calculate commissioners on or before December 15.
the statutory property tax revenue limit, also This year, December 15 falls on a Sunday.
known as the "5.5%" limit. The statute does not address computation of
time when a deadline falls on a holiday or
According to our records your local weekend. It is therefore recommended that
government is NOT SUBJECT to this limit. you submit the Certification of Levies to the
commissioners no later than December 13. If
However, our records indicate your your boundaries include land in more than
government levied a property tax for one county, you must certify the same levy to
f1;5ot 5O
DLG 2002 Budget&Property Tax Information For Exempt Entities(9/02)
( (`c . .>qc 2002-2691
each county's board of commissioners.
Please include a copy of your levy
certification when filing your budget with the
Department.
Budgets
This mailing also includes information
to assist you in preparing your 2003 budget.
Included are a Budget Calendar and a
Summary of Local Government Budget
Law Format and Content Requirements
that you may use as a checklist to ensure
compliance with the Local Government
Budget Law(C.R.S. 29-1-101, et seq.), if
applicable. Please note that a certified copy
of your budget must be filed with the Division
by January 31, 2003. "Certified" budget
means that the copy filed with the Division
has on it a written statement by a member of
the governing body or a person authorized by
the governing body that the document being
.filed is a "true and accurate" copy of the
action taken by the governing body. The
statement could say something like this:
, certify that the attached
is a true and accurate
copy of the adopted 2003 budget
of the Iname of local government).
November 2002 Election Results
If your local government holds a
property tax election in November please
send us a copy of the certified results and of
the ballot question text for research purposes.
For Assistance
For assistance in budgeting and in
calculating your property tax limits, call the
Division of Local Government at (303) 866-
2156. The budget calendar, the certification
of levy form, the property tax revenue
limitation worksheet, the update of the CPI,
the link to the Financial Management
Manual(an excellent resource for local
governments) and many other related forms
and data are also available on the
Department of Local Affairs' web site at:
www.dola.state.co.us From there go to:
Local Government Technical Assistance;
then select "Budgeting" and "Financial
Management."
DLG 2002 Budget& Property Tax Information For Limit Entities(8/02) 2
LOCAL GOVERNMENT BUDGET CALENDAR
The following calendar, prepared by the Department of Local Affairs ("DoLA"), is a listing of
the deadlines for the budget, for a local government audit and for the property tax certification
process. Some deadlines are not statutory,but reflect good budgeting practices. For details on
the applicable statutes listed below,please refer to the most current Colorado Revised Statutes
("C.R.S.")
January 1 Start of Fiscal Year; begin planning for the budget of the next year.
January 10 Deadline for assessor to deliver tax warrant to county treasurer(C.R.S 39-5-129.)
January 31 A certified copy of the adopted budget must be filed with the Division. (C.R.S 29-1-
113(1)).
If a budget is not filed,the county treasurer may be authorized to withhold the
local government's tax revenues.
February 10 The Division sends notification to local governments whose budgets have not been
filed with the Division.
March 1 The U.S. Bureau of Labor Statistics releases the Consumer Price Index (the"CPI")for
the Denver/Boulder area. This annual percent change is used with"local growth"to
calculate"fiscal year spending"and property tax revenue limitations of TABOR.
(Article X, Sec. 20, Colo. Const.)
March 15 The Division will authorize the county treasurer to withhold tax revenues until a
certified copy of the budget is filed with the Division.
March 31 Deadline to request exemption from audit. (C.R.S 29-1-604(3)) Contact the Local
Government Audit Division, Office of the State Auditor, (303) 869-2870.
The Division notifies local governments of its determination that the entity has
exceeded the statutory property tax revenue limit(the"5.5%"limit).
June 30 Deadline for auditor to submit audit report to local government governing body.
(C.R.S 29-1-606(a)(1))
July 31 Deadline for submitting annual audit report to the Office of the State Auditor. (C.R.S
29-1-606(3)) Deadline for request for extension of audit. (C.R.S 29-1-606(4))
If an audit is required but has not been filed,the county treasurer may be
authorized to withhold the local government's tax revenue
1
LOCAL GOVERNMENT BUDGET CALENDAR, con't.
August25 Assessors certify to all taxing entities and to the Division of Local Government the
total new assessed and actual values(for real and personal property)used to compute
the statutory and TABOR property tax revenue limits. (C.R.S 39-5-121 (2)(b) and 39-
5-128,.)
If applicable, upon receipt of the Certification of Valuation,submit to the
Division certifications of service impact from increased mining production
and/or from increased valuation due to previously exempt federal property
which has become taxable. Certifications of impact are required if the value is to
be excluded from the tax revenue limit.
If applicable,apply to the Division for authorization to exclude from the
limit the assessed valuation attributed to new primary oil or gas production from
any producing land or leaseholds.
October 15 Budget officer must submit proposed budget to the governing body. (C.R.S. 29-1-105)
Governing body must publish "Notice of Budget"upon receiving proposed budget.
(C.R.S. 29-1-106(1))
November 1 Deadline for submitting applications to the Division for an increased levy pursuant to
29-1-302, C.R.S. and applications for exclusion of assessed valuation attributable to
new primary oil or gas production from the 5.5%limit pursuant to C.R.S. 29-1-301
(1)(b)
December 10 Assessors' changes in assessed valuation will be made only once by a single
notification(re-certification)to the county commissioners or other body authorized by
law to levy property tax,and to the DLG. (C.R.S. 39-1-111(5))
December 15 Deadline for certification of mill levy to county commissioners(C.R.S 39-5-128O)).
Local governments levying property tax must adopt their budgets before certifying the
levy to the county. If the budget is not adopted by certification deadline,then 90
percent of the amounts appropriated in the current year for operations and
maintenance expenses shall be deemed re-appropriated for the purposes specified in
such last appropriation. (C.R.S. 29-1-108(2)and(3))
December 22 Deadline for county commissioners to levy taxes and to certify the levies to the
assessor. (C.R.S. 39-1-111O))
December 31 Local governments not levying a property tax must adopt the budget on or before this
date; governing body must enact a resolution or ordinance to appropriate funds for the
ensuing fiscal year. If the budget is not adopted by certification deadline,then 90
percent of the amounts appropriated in the current year for operations and
maintenance expenses shall be deemed re-appropriated for the budget year. (C.R.S
29-1-108(4))
2
SUMMARY OF LOCAL GOVERNMENT BUDGET LAW
FORMAT & CONTENT REQUIREMENTS
(29-1-101, et seq., C.R.S.)
Use this checklist to ensure that your budget will be in compliance with the format and content
requirements of the Local Government Budget Law.
A budget presents a complete financial plan by fund and by spending agency within
each fund and sets forth the following:
❑ Proposed Expenditures must be shown for administration, operations,
maintenance, debt service, and capital projects to be undertaken or
executed during the year. (29-1-103(1)(a), C.R.S.)
Anticipated Revenue must be set forth. (29-1-103(1)(b), C.R.S.)
Estimated Beginning and Ending Fund Balances must be shown. (29-1-
103(1)(c), C.R.S.) Fund Balances are described as " . . . the balance of total
resources available for subsequent years' budgets . . ." (29-1-102 (11), C.R.S.)
Three Years' Comparable Data must be shown in the budget: the prior fiscal
year's actual figures (2001); the estimated figures through the end of the current
fiscal year (2002); and the budget year's data (2003). (29-1-103(1)(d), C.R.S.)
❑ Written Budget Message must:
D. describe the important features of the budget;
► include a statement of the budgetary basis of accounting used in the budget
[cash, modified accrual, or encumbrance, (29-1-102(2), C.R.S.];
► include a description of the services to be delivered during the budget year.
(29-1-103(1)(e), C.R.S.)
Expenditures and Revenues must be described with " . . . explanatory
schedules or statements classifying the expenditures by object and the revenues
by source." (29-1-103(1)(f), C.R.S.)
❑ No Deficit Spending. No budget shall provide for expenditures in excess of
available revenues and beginning fund balances. (29-1-103(2), C.R.S.)
• Lease-purchase agreement supplemental schedule. The adopted budget
must separately set forth the total amount to be expended during the budget year
for payment obligations under all lease purchase agreements for real property
and for all other property. It must also show the total maximum payment liability
under the agreement, and all optional renewal terms. (29-1-103(3)(d), C.R.S.)
Filing the Budget. A certified copy of the budget must be filed with the
Division of Local Government by January 31. (29-1-113(1), C.R.S.)A
certified copy means that it has on it a signed statement indicating:
I, , certify that the attached is a true and accurate
copy of the adopted 2003 budget of the (name of local government) .
DoLA/DLG Revised 8/2002
CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments *
* School governments must use forms provided by the Colorado Department of Education (303) 866-6600.
TO: County Commissioners of County, Colorado. The
(governing board)
of the hereby certifies the following mill levies to be extended upon the
(name of local government)
GROSS] assessed valuation of$ . Submitted this date:
PURPOSE LEVY REVENUE
1. General Operating Expenses [This includes
fire pension,unless fire pension levy is voter-
approved; if so, use Line 7 below.] mills $
2. (Minus)Temporary Property Tax Credit/
Temporary Mill Levy Rate Reduction,
39-1-111.5, C.R.S. < > mills $ $ < >
+ IF TILE CREDIT DOES NOT APPLY TO the General Operating Expenses levy
+ PLEASE INDICATE HERE THE LEVY TO WHICH THE CREDIT APPLIES
SUBTOTAL mills $
3. General Obligation Bonds and Interest
[Special Districts must certify separately for
each debt pursuant to 32-1-1603, C.R.S.; see
Page 2 of this form.] mills $
4. Contractual Obligations Approved At
Election mills $
5. Capital Expenditures [These revenues are not
subject to the statutory property tax revenue
limit if they are approved by counties and
municipalities through public hearings pursuant
to 29-1-301(1.2)C.R.S. and for special districts
though approval from the Division of Local
Government pursuant to 29-1-302O.5)C.R.S.
or for any entity if approved at election.] mills $
6. Refunds/Abatements mills $
7. Other(specify): mills $
TOTAL mills $
NOTE: Certification must be carried to three decimal places only.
NOTE: If you certify to more than one county, you must certify the same levy to each county.
NOTE: If your boundaries extend into more than one county,please list all counties here:
Counties:
Contact person: Daytime
(print) phone: ( )
Signed: Title:
Send one completed copy of this form to the Division of Local Government(DLG),Room 521,1313 Sherman Street,Denver,
Colorado 80203 when you submit it to the Board(s)of County Commissioners. Questions?Call DLG at(303) 866-2156.
j As reported by County Assessor in final certification of valuation;use NET Assessed Valuation to calculate any levy.
Form DLG 70(rev 6/02) Page 1 of 2
CERTIFICATION OF TAX LEVIES, continued
THIS APPLIES ONLY TO TITLE 32,ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES
FOR PAYMENT OF GENERAL OBLIGATION DEBT (32-1-1603 C.R.S.). Special Districts must
certify separate mill levies and revenues to the Board of County Commissioners, one each for the funding
requirements of each debt (32-1-1603, C.R.S.) Use additional pages as necessary. Total of all levies should
be recorded on Page 1, Line 3.
CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT:
BONDS:
1. Purpose of Issue:
Series:
Date of Issue:
Coupon Rate:
Maturity Date:
Levy:
Revenue:
2. Purpose of Issue:
Series:
Date of Issue:
Coupon Rate:
Maturity Date:
Levy:
Revenue:
CONTRACTS:
3. Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
4. Purpose of Contract:
Title:
Date:
Principal Amount:
Maturity Date:
Levy:
Revenue:
Form DLG 70(rev 6/02) Page 2 of 2
PROPERTY TAX REVENUE LIMIT CALCULATIONS WORKSHEET
("5.5%"limit in 29-1-301,C.R.S.,and the TABOR limits,Art.X,Sec.20(4)(a)and(7)(c), Colo. Const.)
i The following worksheet can be used to calculate the limits on local government property tax revenue. Data
can be found on the Certification of Valuations (CV) sent by the county assessor on August 25 of each year,
unless otherwise noted. (Note for multi-county entities:If a taxing entity is located in two or more counties,the mill
levy for that entity must be the same throughout its boundaries,regardless of county boundaries(Uniform Taxation,Article X,
Section 3,Colo. Const.). This worksheet can be used by multi-county entities when the values of the same type from all counties are
added together.)
'Data required for the "5.5%" calculation (assessed valuations certified by assessor):
1. Previous year's net total assessed valuation' $ -
2. Previous year's revenue2 $ -
3. Current year's total net assessed valuation $ _
4. Current year's increases in valuation due to annexations or inclusions, if any $ -
5. Current year increase in valuation due to new construction, if any $ -
6. Total current year increase in valuation due to other excluded property] $ -
7. "Omitted Property Revenue" from current year CV $ -
8. "Omitted Property Revenue" from previous year CV5 $ -
9. Current year's "unauthorized excess revenue," if any6 $ -
Data required for the TABOR calculations (actual valuations certified by assessor):
10. Total actual value of all real property $ -
11. Construction of taxable real property $
-
12. Annexations/Inclusions $
13. Increase in mining production $ -
14. Previously exempt property $ -
15. Oil or gas production from new wells $ -
16. Taxable property omitted (from current year's CV) $ -
17. Destruction of Property improvements $ -
18. Disconnections/Exclusions $ -
19. Previously taxable property $ -
20. Inflation 0.0% (The U.S.Bureau of Labor Statistics(http://www.bls.gov/cpi/home.htm)will not release this number,
the Consumer Price Index(CPI)for the Denver-Boulder Area,until February of next year. Forecasts
of this inflation figure may be obtained by contacting the Dept. of Local Affairs(DOLA)at(303)866-
2156. or at www.dola.state.co.us)
' 'There will be a difference between net assessed valuation and gross assessed valuation only if there is a"tax increment financing-
entity,such as a Downtown Development Authority or Urban Renewal Authority,within the boundaries of the jurisdiction.
2 For the"5.5%"limit only(Part A of this Form),this is the lesser of: (a)the total amount of dollars levied for general operating
purposes on the net assessed valuation before deducting any Temporary Tax Credit[if Form DLG 70 was used to certify levies in
the previous year,this figure is on Line 1],or(b)last year's"5.5%"revenue limit.
3Increased production of a producing mine,previously exempt federal property,or new primary oil or gas production from any oil
and gas leasehold or land. NOTE:These values may not be used in this calculation until certified to,or applied for,by filing
specific forms with the Division of Local Government [forms can be found in the Financial Management Manual,published by/on
the State Auditor's Office web page or contact the Division of Local Government].
4 Taxes paid by properties that had been previously omitted from the tax roll.This is identified on the CV as "taxes collected last
year on omitted property as of Aug. 1."
s This figure is available on the CV that you received from the assessor last year.
6 This applies only if an"Order"to reduce the property tax revenue was issued to the government in the spring of 2002 by the
Division of Local Government,pursuant to 29-1-301(6),C.R.S.
DOLA Revised 9/02 Page 1 of 4 Form DLG-53a
A. Steps to calculate the "5.5%" Limit (refer to numbered lines on the previous page):
Al. Adjust the previous year's revenue to correct the revenue base, if necessary:
$ - + $ - =All $ - I
Line 2 Line 8 Adjusted property tax revenue base l
A2. Calculate the previous year's tax rate,based upon the adjusted revenue base:
$ - + $ - =A2.
Line Al Line 1 Adjusted Tax Rate]
(round to 6 decimal places)
A3. Total the assessed valuation of all the current year"growth"properties:8
$ - + $ -
Line 4 Line 5
+ $ =A3. $
Line 6 Total"growth"properties
A4. Calculate the revenue that"growth"properties would have generated:
$ - X - =A4. $
Line A3 Line A2 Revenue from"growth"properties
AS. Expand the adjusted revenue base(Line Al)by the"revenue"from"growth"properties:
$ - + $ =A5.1 $ I
Line Al Line A4 Expanded revenue base
A6. Increase the Expanded Revenue Base(Line A5)by allowable amounts:
I $ X 1.05510 ]
Line AS
+ + =A6. $ I
DLG-Approved Revenue Increase Voter-Approved Revenue Increase" Increased Revenue Base
A7. Current Year's"5.5%"Revenue Limit:
$ - $ - =A7.I $
Line A6 Line 7 Current Year's"5.5%"Revenue Limit"
A8. Reduce Current Year's"5.5%"Revenue Limit by any amount levied over the limit in the previous year:
$ - $ - =A8.1 $ I
Line A7 Line 9 Reduced Current Year's"5.5%"Limit.
This is the maximum allowed to be
levied this year"
A9. Calculate the mill levy which would generate the Reduced Revenue Limit(Line A8):
$ + $ - X 1,000 =A9.1
Line A8 Line 3 Mill Lev
y(round to 3 decimals)
71f this number were multiplied by 1,000 and rounded to three decimal places,it would be the mill levy necessary in the
previous year to realize the revenue in line A 1.
8 The values of these properties are"excluded"from the"5.5%"limit,according to 29-1-301(1 xa)C.R.S.
9 This revenue is the amount that the jurisdiction theoretically would have received had those"excluded"or "growth"
properties been on the tax roll in the previous year.
1°This is the"5.5%"increase allowed in 29-1-301(1),C.R.S.
11 This figure can be used if an election was held to increase property tax revenue above the"5.5%" limit.
1'_Rounded to the nearest whole dollar,this is the"5.5%"statutory property tax revenue limit.
13 DLG will use this amount to determine if revenue has been levied in excess of the statutory limit.
DOLA Revised 9/02 Page 2 of 4 Form DLG-53a
Steps to calculate the TABOR Limit (refer to numbered lines on page one):
B. TABOR "Local Growth" Percentage
' Bl. Determine net growth valuation:
$ - - $ - = $
Lines 11+12+13+14+15+16 Lines 17+18+19 Net Growth Value
B2. Determine the (theoretical)valuation of property which was on the tax roll last year:
$ - $ - = $ -
Line 10 Line Bl
B3. Determine the rate of "local growth":
$ - $ - _ -
Line B Line B2 Local Growth Rate
(round to 6 decimal places)
B4. Calculate the percentage of "local growth":
- X 100 =
Line B3 (round to 2 decimal places)
C. TABOR Property Tax Revenue Limit"
Cl. Calculate the growth in property tax revenue allowed:
$ X % = $
Line 215 Line B4+line 20 Increase allowed
C2. Calculate the TABOR property tax revenue limit:
$ - + $ = $
Line 2 Line Cl TABOR Property Tax Revenue Limit
C3. Calculate the mill levy which would generate the TABOR Property Tax Revenue Limit (Line C2):
[ $ + $ - ]X 1,000 =-
Line C2 Line 3 Mill Levy(round to 3 decimal places)
D. Which One To Use? There is general agreement among practitioners that the most restrictive of
the two revenue limits ("5.5%" or TABOR) must be respected, disallowing the levying of the
greater amount of revenue which would be allowed under the other limit. Therefore, one must
decide which of the two limits is more restrictive.
Compare Line A7 (Current Year's 5.5% Revenue Limit)to Line C2 (TABOR Property Tax
Revenue Limit). The lesser of the two is the more restrictive revenue limit.
NOTE: TABOR(4Xa)requires prior voter approval to levy a mill levy above that of the prior year. This is a third limit on
property taxes that must be respected,independent of the two revenue limitations calculated above. If the lesser of the two
mill levies in A9 and C3 is more than the levy of the prior year,it is possible that neither of the revenue amounts
may be generated,and that revenues must be lowered to comply with this third limit.
14 This section is offered as a guideline only. The Division is required by law to enforce the"5.5%"limit,but does not have
any authority to define or enforce any of the limitations in TABOR.
"NOTE: For the TABOR property tax revenue limit only(Part C of this form),it may be preferable to use the actual
amount levied in the previous year,ignoring footnote#2 on page 1. This is a local option. DLG staff is available to discuss
the alternatives.
DOLA Revised 9/02 Page 3 of 4 Form DLG-53a
OTHER LEVIES:
Capital Expenditure Levy
Under the"5.5%"limit,additional revenue greater than that on Line A8 may be levied for capital expenditures, if the
specific procedures in 29-1-301(1.2)[counties or municipalities]or 29-1-302(1.5),C.R.S. [special districts or towns
under 2000 in population]are followed,or an election is held for this purpose. If such a levy is made,it and the revenue
resulting from it must be certified to the county as a separate levy on the Line 5 of Fonn DLG 70. The amount of revenue
derived from this capital levy will not accrue to the"base"upon which next year's calculation will be made.
Refund/Abatement Levy
The refund and abatement revenue,reported by the County Assessor to some local governments on the"Certification of
Assessed Valuation"is not part of either property tax revenue limitation. This figure,if any,represents revenue that the
jurisdiction should have received,but did not. The local government may certify mills sufficient to generate the refund
and abatement revenue amount16 in excess of the ones calculated for the property tax revenue limitation. This is an
optional levy and will not accrue to the base for subsequent years'limit calculations. It can be entered on Line 6 of Form
DLG 70 for certifying all levies.
Temporary Tax Credit/Mill Rate Reduction
A temporary mill levy reduction can be made, in order to effect a refund of tax revenue(39-1-111.5 and 29-1-301(6),
C.R.S.). If used,it should be certified as a separate levy on Line 2 of Form DLG 70,when certifying tax levies to the
County Commissioners.
Annual Incentive Payments
The"5.5%"revenue limitation may be exceeded by counties and municipalities by the total amount of annual incentive
payments made by the local government in accordance with agreements negotiated with certain private business taxpayers
pursuant to 30-11-123(6)C.R.S. [counties]and 31-15-903(5)C.R.S. [municipalities]. This is an optional levy and will
not accrue to the base for subsequent years'limit calculations. It should be certified to the county commissioners as an
"Other levy"on Line 7 of Form DLG 70.
Reappraisals Ordered by the State Board of Equalization
The"5.5%0"revenue limitation may be exceeded by counties to pay for the reappraisal of classes or subclasses ordered by
or conducted by the State Board of Equalization(29-1-301(1Xa)C.R.S. This levy should be certified as an"Other levy"
on Line 7 of Form DLG 70.
Payment to the State for Excess State Equalization Payments.
The"5.5%"revenue limit may be exceeded by counties to make payments to the state when excess state equalization
payments are made to school districts due to the undervaluation of taxable property(29-1-301(1)(a)C.R.S. This levy
should be certified as an"Other levy"on Line 7 of Form DLG 70.
NOTE: for assistance in using this form,understanding its terms,or suggested improvements,please contact Susanna
Lienhard at the Division of Local Government:t(303)866-2354;Email address: susanna.lienhard@state.co.us; street
address: 1313 Sherman St.,#521,Denver,CO 80203.
1629-1-301(1L C.R.S. and a 1994 Supreme Court case both allow the levying of an amount of revenue above the revenue
limits without an election to recoup revenue which was lost in the previous year due to abatements and refunds which
might have been granted by various boards and courts. So,for example,if an entity levies$10,000 in one year,but only
received$9,000 due to a$1,000 tax abatement granted by a District Court,it could levy an additional$1,000 above either
the A5.5%@ or TABOR revenue limitation in the following year to offset the loss of revenue.
DOLA Revised 9/02 Page 4 of 4 Form DLG-53a
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