Finance Committee Agenda and Packet 2021 12 17

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LL �t�'.t'f FINANCE COMMITTEE Loll sville COMMUNICATION COLORADO • SINCE 1878 SUBJECT: FINAL ASSESSED VALUATION DATE: DECEMBER 17, 2021 PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR SUMMARY: The City has received its final 2021 assessed valuation amounts from the Boulder County Assessor's Office. These valuations, multiplied by the mill levies, determine the amount of property tax revenue the City will receive in 2022. The Assessor is reporting the City of Louisville's gross assessed valuation increased by 9.29%, from $728,802,059 in 2020, to $796,492,841 in 2021. The City of Louisville's total net assessed valuation, which is the City's gross valuation less the Urban Revitalization District's incremental assessed valuation, increased by 9.28%, from $706,320,493 in 2020, to $771,895,652 in 2021. Please note that 2021 is a "re -assessment" year, so changes in valuation are due to changes in both actual values and to new construction. Based on a mill levy of 5.184 mills, General Fund property tax revenue will increase by the same percentage as the net assessed valuation (9.78%), from $3,661,565 in 2021, to $4,001,507 in 2022. Based on a mill levy of 2.750 mills, Recreation Center Debt Service Fund property tax revenue will also increase by 9.78%, from $1,942,381 in 2021 to $2,122,713 in 2022. The City's 2022 budget is based on the preliminary assessed valuations that were received in September. The differences between the preliminary assessed valuation and the final assessed valuation are relatively minor: • The final gross valuation for the City is $3.7 million less than the preliminary gross valuation. • The final URA valuation is $251,000 less than the preliminary URA valuation. • The final net valuation for the City is $3.5 million less than the preliminary net valuation. • The final total estimated property tax revenue that will be collected by the City in 2022 is approximately $27,000 less than what was used in the 2022 budget. Included are copies of the final notices from the Boulder County Assessor. This is presented for Committee information and no action is requested. FINANCE COMMITTEE COMMUNICATION E