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City Council Agenda and Packet 2017 12 05
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City Council Agenda and Packet 2017 12 05
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3/11/2021 2:12:27 PM
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City Council Records
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CCAGPKT 2017 12 05
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Louisville <br />COLORADO • S1NC N - <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 6E <br />SUBJECT: <br />DATE: <br />PRESENTED BY: <br />APPROVAL OF RESOLUTION NO. 69, SERIES 2017 — A <br />RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR <br />THE YEAR 2017, TO HELP DEFRAY THE COSTS OF <br />GOVERNMENT FOR THE CITY OF LOUISVILLE, COLORADO <br />FOR THE 2018 BUDGET YEAR <br />DECEMBER 5, 2017 <br />KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY & FISCAL IMPACT: <br />At the November 6, 2017 City Council Meeting, the Council approved a budget and <br />appropriated funds for the 2018 calendar year. The Council would have also levied <br />2017 property taxes (for collection in 2018) at the meeting, but deferred that resolution <br />until after the final assessed valuation was certified by the Boulder County Assessor. <br />This allows a more precise mill levy for the final debt service payment on the 2004 <br />General Obligation Library Bonds and for the initial debt service payment on the 2017 <br />General Obligation Recreation Center Bonds. <br />The City's 2017 net assessed valuation has been certified at $639,643,203. This is <br />approximately $7.2 million, or 1 %, less than the preliminary assessed value that Council <br />worked with during the 2018 budget process. However, it is still nearly a 17% increase <br />over the 2016 net assessed valuation. <br />The City's net assessed valuation refers to its gross assessed valuation less the <br />incremental assessed valuation captured by the Urban Revitalization District. The <br />District's incremental assessed valuation has been certified at $14,952,825. The <br />District's property tax revenue is determined by the overlapping mil levies applied to its <br />incremental assessed valuation. For the 2016 levy year (2017 collection year) the <br />District's overlapping levies amounted to approximately 88 mils. <br />Based on the City's final assessed valuation and the funds required for debt service in <br />2018, staff is recommending a total 2017 mil levy, for collection in 2018, of 8.869 mils, <br />as summarized in the following table. <br />CITY COUNCIL COMMUNICATION <br />49 <br />
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