CMC sets mill levy, limits revenue growth to inflation
Jan. 5, 2024 - During the meeting, trustees reviewed property value certifications provided by the counties in CMC’s district and staff’s recommendation for tax year 2023. The board ultimately approved a mill that provides meaningful tax relief to property owners and limits revenue growth this fiscal year as promised by trustees last spring.
“Thanks to careful financial management and diligent work at the legislative level, CMC is in the fortunate position to be able to reduce the fiscal pressures felt by our local businesses and homeowners,” said CMC Board of Trustees Chair Peg Portscheller. “The board approved a mill today that also preserves the college’s ability to maintain its vital services to our mountain communities, educating local first responders, nurses, teachers and providing access to one of the most affordable colleges in the country to all.”
During the budget-setting process in May and June 2023, trustees discussed the impact of increased property assessments across CMC’s district. At that time, trustees stated their intention to temporarily reduce CMC’s mill levy to keep revenue growth near inflation (5.7%) through a mill levy rate reduction, thereby shielding local property owners from the impact of extreme spikes in valuation of over 50% in some counties. Such temporary rate reductions were enabled by Senate Bill 23-108, which was signed into law by Gov. Polis during the 2023 legislative session.
In the end, the board of trustees certified a gross mill levy rate of 4.241 with a temporary mill levy rate reduction of 1.264 for a net mill levy of 2.977. This 2.977 mill levy will allow the college to provide more than $25 million in property tax relief in the upcoming year. Importantly, the college’s gross rate (4.241) reflects adjustments caused by recent assessment changes enacted by the legislature, while the net mill levy is a more mindful reflection of the economic realities of the college’s tax district.
“Today’s decision illustrates that CMC is thoughtful and accountable regarding its property tax revenues and why local special taxing districts don’t need the state legislature or referred ballot measures to make those decisions on our behalf,” said CMC Eagle County Trustee Chris Romer. “Given the diverse mix of special taxing districts across Colorado, which are approved by local voters to provide critical services - particularly in rural areas - state solutions should not be one size fits all.”