1. Strategic Revenue & Expenditure Discussion
Matt Leavitt, Summit County Finance Officer
Michael Howard, Summit County Auditor
Corrie Forsling, Summit County Treasurer

2. General Fund Municipal Fund Assess & Collect Fund Transient Room Tax
Restaurant Tax
Transient Room Tax
General Fund
RAP Tax
Open Space Fund
Landfill Enterprise Fund
Fleet Lease Fund
Transit District
Service Area #8
Service Area #6

3. General Fund Municipal Fund Assess & Collect Fund Transient Room Tax
Restaurant Tax
Transient Room Tax
General Fund
RAP Tax
Open Space Fund
Landfill Enterprise Fund
Fleet Lease Fund
Transit District
Service Area #8
Service Area #6

4. Residential Building Permit History
Appearance that the County is growing

5. Residential Building Permit History
2006: 5-year average = 695 permits / year
2011 = 414 permits / year
2016 = 221 permits / year

6. New Growth Revenues General Fund
Avg $460k per year
Avg $511k per year
Avg $529k per year
Avg $175k per year
Avg $391k per year
Excluding the high and low

7. New Growth Revenues General Fund

8. New Growth Revenues Municipal Services Fund
Avg $169k per year
Avg $91k per year
Avg $79k per year
Avg $117k per year
Excluding the high and low

9. New Growth Revenues Municipal Services Fund

10. Planning “Hot Sheet”

11. Estimating New Growth Revenues
IF…
ALL $1.2 billion was completed in 2018, and
All of the developments were assessed at full market value, and
Rates continued to float downward as values increase:
General Fund new growth revenues = $787,750
Municipal Services Fund new growth revenues = $577,200
THEN…
One-year new growth revenues of $1.3 million
Estimated annual property tax revenues would change from (about) $16.2 million to $17.5 million

12. Estimating New Growth Revenues
More likely scenario:
Development occurs over time, not at once.
About half of residential units will receive the primary residential exemption (taxed at 55% of market value).
Tax rates continue to float downwards as values increase.

13. General Fund Municipal Fund Assess & Collect Fund Transient Room Tax
Restaurant Tax
Transient Room Tax
General Fund
RAP Tax
Open Space Fund
Landfill Enterprise Fund
Fleet Lease Fund
Transit District
Service Area #8
Service Area #6

14. Where Do My Tax Dollars Go?
General Government: many of the elected offices, sustainability, economic development.
Public Safety: law enforcement, corrections, dispatch, animal control, ambulances, search & rescue.
Public Works: county roads, waste collection, recycling.
Government Services: support department such as facilities, IT, human resources.
Public Health: general health, mental health.

15. Next Steps
Before June 22: the Auditor needs to present to the Council a proposed tax rate.
Before August 1: the County needs to advertise the tax increase, hold public hearings, and adopt the proposed rate.
Before August 17: if the resolution is not forwarded to the Auditor, then the certified rate will be the tax rate.

16. Tax Rate Options Continue with the certified rate (the Null Option):
Adjust rate according to changes in values, budget for minor increase from new growth, reduce departmental budgets to reflect anticipated resources.
Freeze the tax rate:
Still requires the truth in taxation process, budget for minor increase from growth and rate adjustment, reduce departmental budgets to reflect anticipated resources.
Increase the tax rate (the Purchasing Power Option):
Increase the tax rate to address cost of inflation since 2004, budget according to recommended priorities, address departmental budgets according to priorities and Council’s Strategic Objectives.

17. Recommendations
Direct the Auditor to propose a tax rate different higher than the certified rate.
Utilize the increases in the following areas:
Restore fund balances
Retain and develop employees
Asset maintenance
Staffing requirements
Review potential tax rate adjustments every five years.

18. Impact of Purchasing Power Option

19. Questions? …and Direction for County Auditor