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Home My WebLink About20233091.tiff ! `;� 1 �'�� '�-�'� OFFICE OF THE BOARD OF CO �VIMISSIONERS � i PHON E : 970-400-4200 FAX : 970-33G- 7233 �N+�j�f G, Q ;J � � � I l50 O STREET P . O. BOX 758 GRI ;ELEY, CO 80632 � October 5 , 2023 Dear Weld County Council Members: As you are aware Section 14 -7( 2 ) of the Weld County Hume Rule Charter states Ihat if the Board of Weld County Commissioners bc of the opinion, the amount of tax limited by the five percent (5%) limitation of Section 14-7( I ) will be insufficient for County needs for the current year, it may submit the qucstion of an increased levy to the County Council , and the County Council shall examine the needs of thc County and ascertain from such cxamination the financial condition thereof, xnd if in the opinion of a majority of the I County Council that the C�.�unty is in need of additional funds, the Council may gra�[ an incrcased levy for the Cbunty in such amounl I as it deems appropriate, and thc Counry is authurized to make such increased levy . Ilowcver, no such cxcess levy shall be granted which will allow a greater rcvcnue than would be produced by app(ying the previous year mill levy to the current year's assessed I valuation , Due to the Ukrainian W'ar oil and gas prices worldwide have incrcased significantly. Since over sixty- five percent 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 Cuunty 's assessed valuation . "I'his mcans for thc 2024 budoet the property tax revenuc from lhe currenl mill levy of 22038 less a 7- mill I temporary credit for a net mill levy of 15 . 038 will exceed the Weld County I fomc Rule 5% property tax limit by ar� roximatcly $78 . 560 � million . 1'he two options explorcd by the County Commissioners to deal with the one-time spike in property tax revenues were 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 ro retain the excess funds and retain the current mill levy ro make additional prudent investments in the future of Weld County by constructing needed Island Grove facilities . "I�he Commissioners are recommending the second option to retain the j current mill Icvy to make additional prudcnt investments in ihe future of Weld County. � "fhe Board of County C'ommissioners would like to be scheduled on your October 16, 2023 Weld County Council 's agenda far the Comity Council mcmbers to considcr thc E3oard of Weld Counry Commissioners ' formal requcst per Homc Rule Charter 5cetion 14-7 to retain the excess funds and retain the current mill levy to make additional prudent investments in the future of Wcld County by eonstructing needed lsland Grove facilities. "fhe ncw fsland Grove project would include Faeili[ies totaling 280,000 square fect, including an exitibition areT, dassrooms/mecting roomS, o�ces, four barn/livestock areas, and necessary support areas, such as � resirooms, and mechanical areas. The estimated cost is $81 .2 million . A NowerPoint showing thejustification narrative, [inancial details ofthe request and details ofthe project is being providcd with this ' Ictter. At thc October mccting thc Commissioncrs and coimty staff' will be attendin� to makc a full detailed presentatinn regarding the requcst and answer any questions you or thc public may have regarding the rcquest. We havc also taken the liberty of having slaff dra(l thc attached proposed resolution for the County Council ' s consideration for favorable approval . ff the County Council schedtiles this discussion on Octaber 16, 2023 , we are suggesting a public notice be published at least ten days prior to the meeting inviting public input regarding the request . Again, we have also taken thc liberty of having staff draft the attached propcsed public notice for the mceting. Your favorable approval of placing this topic on your October I6, 2023 agenda and favorable consideration of this request will bc much appreciated by thc Commissioners . ff you have questions regarding this matter, please do not hesitatc to contact me at 970-400-4208. Sincerely, ,�.�� , ; Mike Freeman � Chair, Wcld Counry Board ofCommissioners ��(Y1�n v r� '� cA+� p c� s 2023- 3091 lo l l g l a3 F = oo�9 -- � _ ,- � _ �� - . . K .. � ��. . . - ' � — ' a . . . • iaiq „ . � yC �� ' . . , - ", `µ�„Y .�. � . _. �} - � . ' . . . � , _ -. .r . � . . . � . � ..� y � - . . . .. , . .. � � z -, �- - , � � " �� . ...,y < i '� . ' . -n � i,; .. . , � . ... 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Y ' .� _ • `'.7 . . �` :: � �' #. . �`�. .^ .l � � _ , . . i . 1 . ♦ .,'. . _ . � . . . _; , _ - „� - . , `, ., � ' a: � , � STRATEGIC I NVESTM ENT FOR TH E FUTU RE OF � � . WELD COVNTY . -* . :� - -� � Prepared for the Weld County Council , . �-� ,� ;_�-, ��lF��•V d' �.'Il �IL %�� . I BAC I�G RO U N D , ;==� _ ; As Weld County looks to 2024 and beyond , several challenges face the Board of County Commissioners , other elected officials , �� . � F`• : , ., , and staff to meet the ever changing and growing demands of - �� ` county citizens to maintain the quality of service the citizens - : �;� . have grown to expect from their county government. The County � `� \ y1 • , is experiencing the biggest oil and gas boom in its history. The � � ` additional production of oil and gas is resulting in significant � � increases in the County's assessed value with the oil and gas , , production exceeding sixty percent of the County' s total � � � L , assessed valuation . Because of the volatility of production � / J +ti , i levels and price fluctuations of the oil and gas production , the , ,, � County must prudently manage the increased property tax base , � �,� u� ,, created by the energy development. �� `� �' � � . , , . - , � �� , � '� '� i` � � � � � � i � � ��` „ ' . � ; � . r .� / ' Strategic Investment for the f�� ture of Weld Courty � � 2 - �'�. � �.-�� , BACI� GROV N D CONT . The 2024 budget must continue to emphasize long -term planning and investments consistent with the Weld County Strategic Plan and the Strategic Investment Plan for the Future of Weld �° ° : County. In 2024 the projected energy production figures and high prices of oil and gas resu �ting from the Ukrainian War and other economic factors will result in a one-time spike in property tax revenues causing Weld County to exceed the Home Rule Charter 5 % property tax limitation . I Two options to deal with the one-time spike in revenues are to : � 1 . Increase the temporary property tax credit or with the County Council ' s approval retain the I excess funds to make additional prudent investments in the future of Weld County. The ; option of reducing the mill levy by increasing the temporary mill levy is tempting , but the option may be shortsighted and eliminate long -term financial options that insure long-term financial viability for Weld County. The existing temporary tax credit has allowed Weld � County to deal with the volatility of the oil and gas price and production . Even though the Board of Weld County Commissioners could legally reduce the temporary tax credit and raise the net mill levy above the 15 . 038 mills up to 22 . 038 mills , in a year with a significant drop in assessed value there is a political reluctance to do so , because there would be a � perception by many taxpayers that their property taxes were raised . ; � Strategic Investment for the Future of Weld County 3 BAc �ccRouN � coNT . , 2 . A better approach is the creative an option of continuing the long -term strategy of investment in the future of Weld County. In analyzing this option , one needs to examine the difference between spending and investment . In our personal lives , spending is surrendering money � now in order to get some good or service in return . Investing is surrendering money now with I _ _ the hope of getting a financial return later and winding up with more money in the end . Most 'i often when local governments want to invest in a long -term project or capital assets the local � government must incur long -term debt for short term gains . Weld County is in the fortunate position that it has no long-term debt and with the anticipated growth in assessed value from oil and gas production will have a stable property tax revenue stream to dedicate to a long - term strategy of investment for the future benefit of Weld County citizens without incurring ` debt or raising taxes . With this approach it may well be said that just as the current and past Boards of Weld County Commissioners and other elected officials have left a legacy of no long -term debt, the current and future Boards of Weld County Commissioners and other � � � elected officials wisely seized the opportunity to use the additional revenues from oil and gas \ '� development in Weld County to leave a legacy of having made wise investments in the future / , of Weid County. ` \ Strategic Investment for the Future of Weld County 4 , ,. , , SOLUTION To implement this investment in the long-term future of the county, we have identified a key investment that is above and beyond the planned investments in the base budget and to fund = this key identified investment with the one-time projected property taxes in 2024 exceeding the Home Rule property tax limitation by gaining approval from the County Council per Home Rule Charter Section 14-7 to retain the revenue generated by the prior years ' mill levy. � Section 14- 7 - Limitation. Except as otherwise provided herein, all ad valorem tax levies for county purposes, when applred to the total valuation for assessment of the County, shall be reduced so as to prohibit the levying of a greater amount of tax revenue than was levied from - ad valorem taxation in the preceding year plus five percent (5%) except to provide for the . . . payment of bonds and interest thereon. An investment in Island Grove (Weld County Facilities ) is proposed . The next several slides ~ � will outline the proposed design , estimated costs , and the benefits to the citizens of Weld �� , : �,. County. � Strategic Investment for the Future of Weld County 5 '�;, , P ROJ E CT OV E RV I EW _ - _-� _ ~ � �� +�o� tilelti��srs�iet _. . �'� _..-r-" _ _ _-- -- _ '� ,. . ~ � �a �' � ca _ - � - - - -�- - - _..... _ _� .a.�7�21'f� . . . . . _^ ��,,, Gw'-�_ . . - . � � - ...+.-�r�^� � . � . � 3� rQse ,' � - ._ . � _ � _.r.��' — . . . . ` ��s - i��i111� E�� . � � � r � ! � � �/1�� — �s::._ — — ''°� . � H�Ss Nf'S� �` �'` It3s iRg �itJ HIS"ii � ��^ . �. ...� . . .. .� W ' ' w r� - . -�. �� E� � = 7 y _ � � _ .._. � � �� r° � � �' " L � _ „'� . � ;�,; .. . n ��{ �� . ` � "j � _ � � x" � � � t + r� i � � � � �� y � �.,:, .. _ �� OIICt . C' tll ,_? � � C� � IC: '� I �iC'� C'; { �IC, ;N � �� CI � I ` `� _ � ! �i ' , � .=, 1 ' �. { �if � „ ' � i ' ��: � : I �I -- � �� yi � • i �� II �� I� �� I I P ROJ E CT OV E RV I EW ARENA AREA: EXHIBRION AREA - CLAS �ROORtS%AIEETING ROOMS Evc� nt j Lvent / - LOBB 'f;GROUP AREA - P, cSTROOM BLOCK I ivE� stc� c�� I ivestock - RECEPTION Event � l� ar n [3at n �� - SCHEDULING AND TICKETING i l. ive �tock Livestock BARN/LNESTOCKAREA : Ciarn E; �3rr �� - 4 BARN AREAS Storage Stor,1PP - 4 WASH AREAS - 2 SHARED STORAGE AREA - 2 RESTROOhi BLOCKS - 4 OFFICE AReAS ConneCtinE� ( orridof - 4 MECHANICAIAREAS Kitchen — t�� r �� n �3 Office Space 0 g -- - _ .� — _ : 7., -_� . Classroam / Sr�lall Event Win� ; . - __. __ . � _ -� _a�:,..., __y _ � �.� �.,. . . .�..r _.:��,u. PROJECT OVERVIEW ; ,y , � , , . ,. ,� . .s �/ �,:' . �. +. �_ . i - . _ - _ _ . �JF� . n . . - ..� � � � . � — �. Y.�-__'"3R`t��- '• � " . � ' � ! �". P__i11 � o ? C. � o n � "�` . . ' - • �. " '"�'' ►� _ . � ... 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Stakeholders Creates Surplus Funded City of Greeley Community Space 280 , 000 SF CSU Extension i ��estment � � Youth $ 290 Per SF Farm Show Future � �oWth $ 81 , 200 , 000 Total Greeley Stampede Economic Development Weld County Investment in Youth Ag No tax increase to accomplish Strategic Investment for the Future of Weld County 9 CONSTRUCTION PLAN Design - Build Bid Design Begins Greeley Civil & Site Planning Process Building design also matures Feb 2024 !-� pril ? 0 : �'1 Jurie 2024 thru Jurie 2025 2024 JAN � f 3 MAR APR MAY JUN JUT AUG SEP OCT NOV DFC Z0ZrJ JAN I- FB MAR APR MAY JUN JUI !\UG SEP OC NOV DEC Greeley Civil & Site Planning Process Bui �ding design also matures Construction � unc� �' U ;q � I � �� _, Jun �.� �' (l ; � , June � 025 thru June 2026 Strategic Investment for the Future of Weld County 10 �"�3?� • \\ G . . 4. � '.- .._ ;.:.. X � F _ a , y . FI NANCIAL OVERVI EW FI NANCIALS : _ _ _ _ _ - �_ ,: -• --• • � � . .", A , . . . .. F . i .� . . _ . . . , . � . _ . . . - .� �-. :' . � .. ' . ' . .: . . •':� �_ . . �. � : � ' , � . J,yLl , -, •. ,.� �-. ,. . _ - I • y • ' : "v� �' . . . . � ., ._ �.. ._ i .. �.i� _ � : . . ., ' ,. � . . .. . . �n . � • � • ' • . � � � s � � / ` / . ' � � • ' • • � o i • � � • � Estimated Project Funding : Estimated Assessed Value @ 8 / 23 / 23 $ 24 , 381 , 839 , 694 Current Mill Rate ( 22 . 038 less 7 Mill Credit ) 15 . 038 2024 Estimated Property Taxes ( 2023 Tax Year ) Based on Current Mill Rate $ 366 , 654 , 105 2024 Estimated 5 % Charter Limit $ 288 , 093 , 141 2024 Estimated AmountAbove 5 % Charter Limit $ 78 , 560 , 964 12 FI LLI NG TH E GAP , _ . , _ _ - • ` . a . �. . . . .�-lF . .� ` .�. i: � f - •.� iY� • � _' 'ol ' �aM_ . L'__ � ..(� : lV ' 1 �!...� � -� - .�] c�- �� '' � il �� K��`� .��-- ...rli:'v'c �y� �. . .. . . .. '� .. �v. . .� 1b. � . �.. : � . . '_ � .. 6 !.:- i �. .' . � , � � � � N • . , , . . i ;w ' � i � � � � � , _ -" - y __, : �.4 . � ., : .� ..,s.� ,: ,; . . ..,, . . � _ _ _ ..; . . . , _ � . „ . . . . . . . . , . . . _ � . . .. . . ... . . _.'. J '. - �: � � . . / � . IN • • . . . • ' ?�-L . . ... . ._ _ •. _ .� . �..��• L . :.Vr..�. .. . + . . � .1 . /. �' � __ . . �'. .l. - ��_. Estimated Project Funding Gap $ 2 , 639 , 036 Gap Funding Options • Reserves • 2024 budgeted capital expense • Donations 13 PROPERTY T�►X AMOV NT OVER 5 % CHARTER LIMIT , _ ._ _ , _ _ _ . _ _ _ . �. � 1 ._ _ . . . . . ,. . . . � - � , _ - -> , . .,. . _ ' - � • • " �, - " '� ' ' ! 11 ' � yl / ! / �.. .. 1. u � .. • . : . . . • • ' �. n . a . _. . ,I . ln - �Jr . .. . . ' _ . . . _ . . _ :R � . � . . . .I . � . . � . : � � . . . .. . . _.' . .. . .... � � �- , r � � � � �t � � � , � , . _ . - :. . . _, . . _ , . ; . . . . - __ . : � : . � . . . ; . :' . _..r . . . Oil and Gas ( 87 . 5 % assessment rate ) $ 282 $ 705 $ 1 , 410 $ 2 , 1 15 Commercial ( 27 . 9 % assessment rate ) $ 90 $ 225 $ 449 $ 674 Residential ( 6 . 765 % assessment rate ) $ 22 $ 54 $ 109 $ 163 Apartment ( 6 . 765 % assessment rate ) $ 22 $ 54 $ 109 $ 163 14 POTENTIAL EFFECT OF PROPOSITION HH • Prop HH is a measure brought to the ballot by the Colorado State Legislature to slow property tax increases while reducing TABOR refunds • If Prop HH passes this November, the Assessor ' s Office estimates a 1 . 2 % decrease in assessed valuation , resulting in a $ 4 . 4M decrease in propertytaxrevenue • The estimate project funding gap will be affected as follow : '. R �.�-� r - '.✓' - . - .: :.. � t .- � ' . � :`_ f ': _, . ` � Y . . :. � ..- ' f. .-. . . -v_: . c. .r ._` . � _. x . . : �•. _ ' . : . w `�ni �. • . � r� . }.. 'vF,. i.� . � r _ v� 1.'�.�1 . .�.. : .i . . . R3 .. � � :: �". � J � .. . i i �f F' +. �1� ' _ r-`� " � _ _ � . _ _ _ .. ,� .� aa l. " u 3 � i. t� .-. . " . � • � • . • `..-� . ' � • � . � r � , ^ . .:. � �... . . •a � — ,� rf r:. � a� , -_ as .7 .. �. . ., „ , • - , . .. . . _ _ . _ . . . _ , . �. : . . .,, _. . . _ . _ ; :,, .� . �.-.„. . , . � . .. , -. ._. .,..: �. � . , . _ _ . ... . � - -� .. . , . _ . �.. . � .. . . . . . . . - . _ . , _ . . . � -. - � � - . � . ._ _ .- ' . . � . . � ' .. . " - .. _. . • . ._ . . . � . . _ . . � . . . . - . .-�,. �. .a , . . . . . . -. ._ . ,. Estimated Project Funding Gap $ 7 , 038 , 886 15 ; THAN I� YOU Questions or Comments ? - ; {� ; 16 WELD COUNTY COUNCIL RESOLUTION XXXX RE: APPROVAL', OF 2024 INCREASED LEVY I 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 I 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 Hello