BY FREDA MIKLINGOVERNMENTAL REPORTER
On October 2, the city council of Cherry Hills Village approved a balanced budget for 2020 of revenues and expenditures totaling $7.4 million each, including the paydown on the certificates of participation issued for the new city hall that was completed this year and the relocation of the public works department to Sheridan in 2018. The budget includes 46.5 full-time employees, including police officers, unchanged from 2019.
The estimated revenue for the current year of 2019 is also $7.4 million, however estimated expenditures for the current year are $6.8 million. The operating gain of $600,000 is being added to CHV’s general fund balance, which is projected to be $8.9 million at the end of 2019 and also at the end of 2020 due to the balanced budget.
The city’s mill levy remains at 7.30 mills. Property taxes, collected by Arapahoe County, are CHV’s largest single revenue source, at 36 percent of total revenues, followed by sales tax and use tax on the sales and lease of licensed motor vehicles, which each provide 14 percent of CHV’s revenue.
Public Safety, consisting of 24 sworn police officers and necessary administrative support, absorbs 45 percent of the city’s budget, followed by administration at 23 percent and public works at 14 percent.
The city keeps its share-back revenue from the 0.25 percent county sales tax designated for the acquisition and maintenance of open space separately in its Arapahoe County Open Space Fund 14. That fund will start 2020 with $1 million and end it with $510,000 after spending $300,000 on the Hampden underpass trail/bridge project (along with $225,000 provided by a grant from Arapahoe County) and $314,000 at John Meade Park.
2018 All Rights Reserved. Villager Publishing |