Greenwood Village ended 2021 with $62 million in the bank, up $11 million from 2020, as its population declined


According to the City of Greenwood Village Annual Comprehensive Financial Report for the year ended December 31, 2021, the city ended last year with a “combined fund balance of $61,882,679, representing an increase of $10,842,413 when compared to the prior year.”  Approximately 63.4% of the fund balance, or $39,219,288 is available for spending at the city’s discretion. It is not legally restricted, committed, or assigned to any specific purpose.

The report points out that, during 2021, as COVID-19 restrictions were lifted, the city’s sales tax collections increased 20% over the prior year, its use tax collections increased 14% and its lodging taxes increased 40%. It further states that general fund expenditures in 2021 decreased by approximately 15% from 2020 through continued cost-containment efforts due to economic uncertainty, and expenditures were 7% below the amount that was actually budgeted.

Greenwood Village derives 62% of its revenues from sales and use taxes compared to only 7% from property taxes. The remainder is received from a combination of other taxes, grants, franchise fees and charges for services.

The city’s expenses are reported by department, rather than category. In 2021, its public works department accounted for 45% of GV’s total expenses. The police department absorbed 23% of all expenses, with the balance being used for general government (17%), culture and recreation (9%) and lastly, community development (6%).

Midway through 2021, GV appropriated just under $400,000 to give its employees cost-of-living raises for the second half of the year.

In the area of capital fund expenditures, GV originally budgeted $10.8 million for 2021, later raising that amount to $15.6 million. As of December 31, 2021, only $7.5 million had been spent on capital projects. Of that total, $5.2 million was spent on regularly scheduled pavement rehabilitation and replacement, $1.4 million was spent on recreation projects and just under $500,000 was spent on city hall renovation.

Demographic information included in the report shows that GV’s population was trending upward until 2016. It began to decline in 2017. By 2021, it was the lowest it had been in seven years. Similarly, elementary school enrollment for children living in GV reached its height in 2016 and has been steadily declining since. The actual number of GV children enrolled in elementary school went down 20% between 2016 and 2021.