The Board approved the 2017 2nd Supplemental Appropriation Request which represents staff’s conservative and prudent estimates for providing on-going, quality services to customers for 2017. Although some data is presented as the total of all funds, each fund is independent of the other funds.
Revenues: Total projected revenues and other sources of funds are being increased $11.9 million. The largest change is a $5.5 million transfer to the Storm Drainage Operating Fund from the Storm Drainage Impact Fund. In 2016 the method of accounting for impact fee-funded storm drainage capital projects was changed. Prior to 2016 such projects were accounted for in the impact fee fund. Beginning in 2016 these capital projects are accounted for in the operating fund, with a transfer from the impact fee fund to the extent the project can be paid for from impact fees. The original 2017 budget was prepared under the old procedures. This change reflects the new process. Other significant increases include $4.8 million in development-related fees, of which $3.5 million are multi-family/townhome related, and increases in utility fund revenues totaling $862 thousand, primarily related to irrigation and development related usage.
Expenditures: Total requested expenditure changes reflect an increase of $7.3 million, primarily related to the change in the accounting for impact fee-funded storm drainage projects discussed above, reflected as a $5.5 million transfer from the Storm Drainage Impact Fund to the Storm Drainage Operating Fund.
View the 2017 2nd Supplemental Appropriations here.
The Board of Trustees adopted the Town of Erie's Budget for the calendar year beginning January 1, 2018. Total revenues across all funds are projected to be $68 million. The General Fund has a budgeted surplus of $687,000. Total revenues in the General Fund are $24,266,900 and total General Fund expenditures are $23,580,100.
General fund revenues excluding transfers are up $378,000, or 2%. Taxes (including taxes passed thru from the State and counties) are expected to increase $747,000, or 5%. Expenditures are budgeted to increase $1.1 million, or 5%, compared to the final 2017 budget.
View the Adopted 2018 Budget here.
The Town of Erie's assessed valuation has increased 16.3% from $284,087,569 in 2017 to $330,339,391 for 2018. Pursuant to Colorado State Statues, we have calculated the 2018 Operating Mill Levy to be 7.288. This property tax rate is the same as the 2017 Operating Mill Levy.
Erie voters approved an additional mill levy for trails and natural areas beginning in the 2005 Tax Collection Year. This shall be certified to each county as 4.000 mills for the 2018 Tax Collection Year. The purpose of this mill levy is the construction and acquisition of trails and natural areas. Beginning in 2015 revenues arising from this mill levy may also be used for qualifying maintenance expenses.In addition, Erie voters approved an additional mill levy in 2006 for debt service on the general obligation bonds for the Erie Community Center. The bonds were originally issued in July 2006 and the first debt service payment was due in 2007. The bonds were partially refunded in 2013. This mill levy shall be certified to each county as 3.860 mills for the 2018 Tax Collection Year (a decrease of 0.642 mills compared to 2017 and a decrease of 3.460 mills since the original levy).In 2014, Erie voters also approved an additional mill levy for debt service on the general obligation bonds issued to fund construction of a new public safety facility. This mill levy shall be certified to each county as 0.652 mills for the 2018 collection year (a decrease of 0.106 mills compared to 2017 and a decrease of 0.226 mills since the original levy). The total mill levy for general obligation bond debt service for the community center bonds and the public safety facility bonds for 2018 will be 4.512 mills compared to 5.260 mills in 2018.The total mill levy certified to each county is 15.800 for the 2018 Tax Collection Year. This represents a decrease of 0.748 in mill levy from the 2017 Tax Collection Year. This decrease is due to the increase in assessed valuations and the resulting decrease in the mill levy required for debt service.For information regarding additional property taxes levied by jurisdictions other than the Town of Erie, please select from the following links:
On February 23, 2016 the Board of Trustees authorized the Town to enter into an agreement with Community Development Group (CDG) to share design costs for the Colliers Hill Neighborhood Park #1. On September 13, 2016 staff presented the site master plan to the Board of Trustees and were given approval to proceed with the completion of construction documents. During Tuesday night’s meeting, the Board of Trustees approved the construction contract in the amount of $1,174,000. Construction is scheduled to begin in early January of 2018, with substantial completion by July of 2018.
Visit here to view renderings and more information about Serene Park.
View complete December 12, 2017 Board of Trustees Meeting Packet here.
The next regularly scheduled Board of Trustees meeting is scheduled for Tuesday, January 9, 2018 at 6:30 p.m. All meetings are held in the Town Hall boardroom located at 645 Holbrook Street in Erie.
Board of Trustees Action Items are brief summaries of some, but not all, agenda items and do not serve as the official meeting minutes. Select this link to view archived Board of Trustees meeting online via the On Demand Video service. To request approved meeting minutes of Board of Trustees meetings, please contact the Town Clerk’s Office at firstname.lastname@example.org.