Larimer County considers directing property tax revenue for services, preparedness
The revision of the 2024 Proposed Budget follows the failure of Proposition HH (Prop HH) in the November general election and subsequent property tax relief measures enacted during the Colorado Legislature's special session in November.
The updated budget proposes allocating $8 million to the Disaster Contingency Fund to prepare for future natural disasters and emergencies in the region. Additionally, the county plans to allocate approximately $4.7 million to restore service reductions that would have been required with the passing of Prop HH and allow current service levels to be maintained for our growing community.
Despite the board's initial intention to set aside funding for the Disaster Contingency Fund and provide tax credits to county residents if Prop HH failed, the Colorado legislature intervened in November with a statewide property tax initiative, which will provide property tax relief to homeowners and reduce county revenues for 2024. Given this revenue reduction, the updated proposed budget is focused on ensuring the county has sufficient funds available to respond to natural disasters rather than offering a modest temporary mill levy tax credit, estimated to be less than $10 per residential property on average.
The updated budget recognizes the county's concerns about fiscal unpredictability, including potential legal challenges related to SB1, future ballot measures limiting revenue growth to the Consumer Price Index (CPI), regional history of costly natural disaster response and recoveries, inflation, and rising materials and labor costs.
Jody Shadduck-McNally, chair of the Board of County Commissioners, said, “As commissioners dedicated to the welfare of Larimer County, we express gratitude to the Colorado State Legislature and Governor for effectively addressing a substantial challenge to taxpayers. Their implementation of SB1 provides immediate relief and empowers local governments like ours to make informed, impactful decisions for our communities. This collaborative effort exemplifies how state and local governments can work together for positive change for all residents.”
The Board of County Commissioners invites community members to participate in the public comment portion of their weekly Administrative Matters meetings, held every Tuesday at 9 a.m.
Time for public comment will also be available at the commissioners' meeting to adopt the 2023 Revised and 2024 Budget, set for Thursday, Dec. 14, 2023, at 2 p.m.
These meetings, including the Budget Adoption session, will be held in the Hearing Room of the Larimer County Administrative Services Building, located at 200 W. Oak St., Fort Collins, and will be live-streamed at Larimer.gov/broadcast.
Michelle Bird, Director of Public Affairs, 970-498-7015, birdmi@co.larimer.co.us
