HomeMy WebLinkAbout20233091.tiffWELD COUNTY COUNCIL
RESOLUTION XXXX
RE: APPROVAL', OF 2024 INCREASED LEVY
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WHEREAS, Section 14-7(2) of the Weld County Home Rule Charter states that if the Board of Weld
County Commissioners be of the opinion, the amount of tax limited by the five percent (5%) limitation of
Section 14-7(1) will be insufficient for County needs for the current year, it may submit the question of
an increased levy to the County Council, and the County Council shall examine the needs of the County
and ascertain from such examination the financial condition thereof, and if in the opinion of a majority
of the County Council that the County is in need of additional funds, the Council may grant an increased
levy for the County in such amount as it deems appropriate, and the County is authorized to make such
increased levy However, no such excess levy shall be granted which will allow a greater revenue than
would be produced by applying the previous year mill levy to the current year's assessed valuation, and
WHEREAS, due to the Ukrainian War oil and gas prices worldwide have increased significantly Since over
two-thirds of the assessed valuation for Weld County is from oil and gas production the sharp increase in
oil and gas prices has create a short-term spike in Weld County's assessed valuation This means for the
2024 budget the property tax revenue from the current mill levy of 22 038 less a 7 mill temporary credit
for a net mill levy of 15 038 will exceed the Weld County Home Rule 5% property tax limit The two
options proposed by the County Commissioners to deal with the one-time spike in property tax revenues
are to increase the temporary property tax credit to lower property tax collections or with the County
Council's approval per Home Rule Charter Section 14-7 to retain the excess funds and retain the current
mill levy to make additional prudent investments in the future of Weld County by constructing needed
Island Grove facilities, and
WHEREAS, the Board of Weld County Commissioners has submitted the question of levying total county
property taxes in the amount of approximately $366 million by applying the current mill levy of 22 038
less a 7 mill temporary credit for a net mill levy of 15 038 to the estimated current year's assessed
valuation of $24 4 billion for the 2024 budget, and
WHEREAS, an additional amount of $78 560 million above the Weld County Home Rule five percent
limitation, would be budgeted solely for the purposes of investments in the future of Weld County by
constructing needed Island Grove facilities, and
WHEREAS, the levy of approximately $366 million would be under the TABOR limitation, but still allow
the retention of the 'urrent mill levy of 22 038 less a 7 mill temporary credit for a net mill levy of 15 038
and equal the revenue that would be produces by applying the previous year levy to the current year's
assessed valuation der Section 14-7(2) of the Weld County Home Rule Charter
WHEREAS, in accorcfince Section 14-7(2) of the Weld County Home Rule Charter the County Council has
examined the financial condition of the county and the 2024 budget request
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NOW, THEREFORE, BE IT RESOLVED that the majority of the County Council in accordance with Section
14-7(2) has determined that the County is in need of additional funds for investments in the future of
Weld County by constructing needed Island Grove facilities and hereby grants the approval from an
increased levy above the Weld County Home Rule 5% property tax limit for the County in the amount of
approximately $78560 million with the exact amount being determined in December when the current
mill levy of 22 038 less a 7 mill temporary credit for a net mill levy of 15 038 is applied to the final
assessed valuation for fiscal year 2024 The motion expressed in the above Resolution was, duly made
and seconded, and approved by the following vote on the 16th day of October, 2023
WELD COUNTY COUNCIL
President James Welsh
Councilperson Cindy Beemer
Councilperson Elijah Hatch
Councilperson Trent Leisy
Councilperson Nancy Teksten
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