Agenda Date: 11/19/2024
Subject:
Title
Ordinance 24-2024: An ordinance on second reading establishing the tax levy of 2.0 mills to defray the costs of municipal government of the City of Littleton, Counties of Arapahoe, Douglas, and Jefferson, State of Colorado, for the City's Fiscal Year beginning January 1, 2025 and ending December 31, 2025
Body
From:
James L. Becklenberg, City Manager
Prepared by:
Kevin Orton, Budget Manager
Presentations:
Tiffany Hooten, Finance Director
Kevin Orton, Budget Manager
PURPOSE:
Council consideration for establishing the tax levy of 2.0 mills to defray the costs of municipal government of the City of Littleton, Counties of Arapahoe, Douglas, and Jefferson, State of Colorado, for the City's Fiscal Year beginning January 1, 2025 and ending December 31, 2025.
LONG-TERM OUTCOME(S) SERVED:
High-Quality governance.
DISCUSSION:
Property taxes are used to help fund city operations. Property taxes are projected to increase in 2025 by an estimated 2%. With growth in the City of Littleton limited, increases in property tax revenues depend primarily on assessed valuations. The property tax mill levy rate ($1 per $1,000 of assessed value) remains the same as last year at 2.0 mills ($2 per $1,000 of assessed value).
BACKGROUND:
The property tax levy remained at 6.662 mills from 1991-2018. In 2019, the property tax levy was reduced to 2.0 mills a result of the fire department transition to South Metro Fire Rescue.
Prior Actions or Discussions
Council reviewed the 2025 Proposed Budget during study sessions held on September 7 and October 8, 2024.
This ordinance passed on first reading on October 15, 2024.
FISCAL IMPACTS:
Property taxes represent 4% of General Fund revenues that help fund city operations. The amount estimated in 2025 for property tax revenues is $2,541,458.
STAFF RECOMMENDATION:
Staff recommends approval of the ordinance establishing the 2024 tax (mill) levy to be collected in 2025.
ALTERNATIVES:
N/A...
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