Finance Committee Agenda and Packet 2025 01 16

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112 Cityof FINANCE COMMITTEE im Louisville COMMUNICATION COLORADO •SINCE 1878 ITEM 2 SUBJECT: FINAL ASSESSED VALUATION / 2025 MILL LEVIES DATE: JANUARY 16, 2025 PRESENTED BY: RYDER BAILEY, CPA, FINANCE DIRECTOR SUMMARY: The City has received final 2024 assessed valuation amounts from the Boulder County Assessor's Office. The amounts are in the table below, and are a 1.5% increase from the prior year, but a 0.7% reduction from preliminary valuation. Preliminary - Net total Assessed Valuation Final - Net total Assessed Valuation Prior Year Final - Net total Assessed Valuation $994,841,440 $987,541,420 $973,385,100 As part of the budget development process, staff utilized the preliminary assessed valuation amounts to arrive at projected property tax revenues for General Fund (The City's General Operating Mill) and the Recreation Debt Service Fund. For 2025, the following mills were used to project property tax revenues; • General Operating mill — 5.184 (unchanged from 2024) • Recreation Debt Service mill — 1.375* (unchanged from 2024) Note: Both mills are unchanged from the prior year. For 2025, budgeted amounts per fund; • General Fund - $5,168,000 • Recreation Debt Service Fund* - $1,368,000 Using the final assessed valuations, 2025 projected revenues per fund; • General Fund - $5,119,000 (rounded, 99% of budget) • Recreation Debt Service Fund* - $1,357,000 (rounded, 99% of budget) In 2025, Staff will monitor the property tax revenue accounts, and all others in the General and Recreation Debt Service Fund in 2025, and amend the budget(s), if necessary. *Note: The Recreation Debt Service mill was temporarily reduced from 2.750 mills to 1.375 mills in 2024 to offset assessed property value growth within City jurisdiction. This reduction is proposed to be extended an additional year in 2025. In 2026 the Recreation Debt Service mill will reset to align with annual debt service payments. FINANCE COMMITTEE COMMUNICATION 10/37