Larimer County adopts 2024 budget

The Board of Larimer County Commissioners voted 3-0 to adopt the 2024 Larimer County Budget on Thursday, December 14.  The 2024 Budget includes $629 million in gross expenditures planned for the coming year. The net operating budget, which excludes capital projects, disaster recovery costs, and non-operational transfers—will be $403 million.

To alleviate the financial burden of rising property taxes on residents, the Board of County Commissioners has decided to issue a $4.5 million property tax credit for 2024 for the county’s portion of your property taxes. "This historic tax credit not only demonstrates our board's commitment to offering substantial relief to our community members but also aligns with our proactive disaster mitigation and recovery planning efforts. It's a strategic step in balancing the county's fiscal needs while ensuring our community's economic well-being and readiness for any natural disasters that may arise in the future," said Larimer County Commissioner Chair Jody Shadduck-McNally.

Earlier this week, Budget staff learned that the county would receive unanticipated state funding.  Based on this new financial forecast, the Board was able to balance providing this significant tax relief to property owners while still committing resources to bolster the critical Disaster Contingency Fund. "Providing relief to taxpayers from rising property values while also setting aside resources to support disaster recovery is a testament to our ongoing efforts to ensure financial stability for Larimer County and county residents,” added Larimer County Commissioner Kristin Stephens. “We're committed to using these resources to benefit our residents directly.”

Commissioners have historically issued periodic tax credits, but this year's $4.5 million credit is unprecedented, marking the largest in the county's history. This credit will be uniformly distributed among all property owners in Larimer County by temporarily adjusting the mill levy.

"Saving for a rainy day while also issuing a property tax credit demonstrates our resolve to address financial challenges innovatively and humanely. Our actions underscore a commitment to responsible and responsive governance,” said Larimer County Commissioner John Kefalas.

Due to new laws passed during the Colorado legislature's special session in November, the commissioners will certify county property tax mill levies on January 10th. This is a change from previous years, where these certifications were done at the same time as the budget adoption. The certification is the basis for the tax revenue collected by the Larimer County Treasurer. Larimer County’s operating mill levy has remained at  21.571 mills since 1992 and is divided between the General Fund, Road and Bridge, Human Services, and Health and Environment. The county also levies an additional voter-approved 0.75 mills on behalf of  Foothills Gateway to fund services to persons with developmental disabilities.

The 2024 Larimer County Budget was prepared in compliance with state statute, accepted budgeting principles, funding agency requirements, and the priorities of the Larimer County Commissioners. In 2023, Larimer County was recognized by the Government Finance Officers Association for publishing a budget that acts as a policy document, an operation guide, a financial plan, and a communication device. The 2024 Budget continues to conform to these requirements.

View the 2024 Adopted Budget here: https://www.larimer.gov/performance-budget-and-strategy/BudgetSite