CHV sees increased revenue and drops security alarm fees

BY FREDA MIKLIN
GOVERNMENTAL REPORTER

The way to increase a city’s fund balance is for it to generate more income than it spends to accomplish its duties and responsibilities. In Cherry Hills Village, 2024 general fund revenues are expected to be $12.1 million, compared to expenditures of $8.5 million. As a result, its general fund balance is expected to go up from $18.9 million at the end of 2023 to $22.5 million at the end of 2024.

The 2024 revenue budget is 43 percent higher than for 2023. CHV expects to end the current year with a positive budget variance of $2.9 million, or 34 percent, based on the current estimate for 2023 revenues of $11.38 million, compared to the budgeted amount as the year began of $8.52 million. The overall increase from the budgeted amount is due primarily to higher-than-expected revenues from:

  • Sales tax $1,400,000
  • Building permits $600,000
  • Motor vehicle use tax $400,000
  • Investment income $255,000

The city has not yet calculated the impact on 2024 property tax revenue of the increase in property values as a result of the 2022 reassessment that showed up in mailboxes this past April, after accounting for successful challenges to the assessor’s proposed values and the property tax relief bill passed in the Nov. 17-20 special session of the legislature.

CHV anticipates spending $3.3 million on capital projects in 2024, of which $1.2 million is directly related to its parks and hence will be funded by the Parks and Recreation Fund. Planned capital expenditures for Quincy Farm account for $785,000 of the total.

In 2021 and 2022, CHV received $1.7 million from the American Rescue Plan Act in connection with the COVID pandemic. $400,000 of that total was expended in 2022 and 2023. 

The remaining $1.3 million is planned to be expended in 2024 for:

  • High Line Canal stormwater infrastructure to reduce flooding impacts from the HLC $650,000
  • Electric vehicle charging stations $250,000
  • Two electric vehicles, (1) for the code enforcement officer and (1) for the CHV right-of-way manager $155,490
  • Public Works storage building replacement, parking lot drainage and fuel pump replacement computer $250,000