The Greenwood Village City Council passed its 2020 budget on October 7. Total revenue for 2020 is expected to be $54.8 million. Expenditures for the year are projected at $50.2 million, resulting in an increase in the city’s fund balance of $4.6 million. The city’s mill levy for residential property taxes will remain at 2.932 mills, one of the lowest in the state.
The executive summary included with the budget says, about the total revenue, “The amount represents an increase of $600,379 or 1.1% when compared to the prior year’s amended budget. The rather modest increase is primarily the result of lower than anticipated growth in sales tax during the current fiscal year, as well as, a significant reduction in intergovernmental and grant-related revenue.” It goes on, “An ongoing exposure facing the city is its dependency on sales and use tax revenues. More than 60% of the city’s total revenue is attributable to sales and use tax collections, making the organization especially reliant upon, and vulnerable to patterns in consumer and commercial spending.”
One capital expenditure for 2020 that was changed from the proposed amount after the city council budget workshop on September 23, was the budget for a city hall interior remodel. Initially proposed to be $1,500,000, it was reduced 90 percent to $150,000 by the city council “for additional vetting, as well as the refinement of anticipated costs.”
At the end of 2020, GV’s cumulative fund balance is projected to be $46.7 million, of which $21.3 million is considered unassigned, meaning it is “available to meet the needs of the community without regard to spending limitations otherwise imposed by the city or external agencies.”
Included in the restricted amounts in the remaining $25.4 million in GV’s fund balance is a $10.2 million operating reserve, much like a “rainy day fund.” There is also $9.9 million for capital projects to which the city has committed but not yet completed.
A set-aside fund for the acquisition of open space, created by city council policy, will have $1.2 million by the end of next year, including $500,000 added to it in 2020. In recent years, city council only added $100,000 to it annually, but at the September 23 budget workshop, it was decided to quintuple the amount added in 2020. That may be related to the fact that GV is exploring the acquisition of several acres of open space in the general vicinity of East Belleview Avenue and South Colorado Boulevard.
A new addition to the list of restricted and committed amounts of the citywide fund balance is $1,664,236, added after the September 23 budget workshop, for traffic safety projects, “based on collections/expenditures associated with the photo red light program.”
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