Colorado Mountain College Board cushions property tax bite by reducing mill levy for time being and holding revenue growth to inflation
The Colorado Mountain College Board of Trustees on Friday decided to temporarily reduce CMC’s property tax rate to keep growth near inflation and “shield local property owners from the impact of extreme spikes in valuation,” the college announced.
Meeting in Glenwood Springs for a regular meeting, the trustees previewed the upcoming year’s balanced budget for the college, discussed the impact of increased property assessments across CMC’s district, and stated their intention to temporarily reduce CMC’s mill levy to keep revenue growth near inflation (5.7%). They also approved a new strategic plan for CMC.
Mary Boyd, vice president of fiscal affairs, gave trustees a preview of the college’s budget for the 2023-24 fiscal year. She noted that overall revenues are expected to increase by a minimum of $4.9 million due to property tax revenue, tuition, and strong state appropriations. She presented a balanced budget for 2023-24 with expenses increasing less than inflation. The budget includes a 5% cost-of-living adjustment for all full and part-time faculty and staff. The board will officially approve the proposed budget in June.
Considering CMC’s stable financial position and the dramatic increases in property valuations across the district, trustees voiced their intent to lower the college’s mill levy in December 2023, so that overall increases in revenue from property taxes do not exceed inflation, CMC said in a release.
“We recognize that many property owners are significantly impacted by increased property valuations due to extreme inflationary spikes over the past several years,” said Peg Portscheller, president of the CMC Board of Trustees. “Fortunately, CMC is in a very healthy position financially and operationally and has the flexibility to adjust its mill levy downward temporarily to soften the blow while ensuring that the college’s budget is sustainable.”
Trustees also reviewed and approved the college’s new Mountain Futures: 2023-30 strategic plan. The plan has been in development for more than a year and involved conversations and input from nearly 1,000 community members, students, faculty, and staff. The new plan will be posted online in June.