News and Announcements

News and Announcements

Posted on: September 11, 2020

Town Council to discuss several financial planning items Tuesday

Financial planning structure

Managing Town finances conservatively is a key priority of the Castle Rock Town Council.

Council on Tuesday will consider several items that further this priority, including a $229.8 million budget for 2021 that would keep flat from this year both the Town’s property tax mill levy rate and its water rates for typical residential customers.

The Proposed 2021 Budget includes $150.5 million for operations, $55.4 million for capital improvements, and $23.9 million toward debt and financing for projects. Improvements to the Town’s water, wastewater and stormwater systems comprise about $39 million of the capital improvements proposed for 2021.

Another financial item Town Council will consider Tuesday is maintaining the Town’s property tax mill levy rate at 1.196 mills for 2021 – the same rate as this year. That means the owner of a median-valued home in Town ($428,977) would pay $36.68 in property taxes annually to the Town in exchange for general government, fire, police, parks, recreation, open space, planning and code enforcement services – making the Town’s property tax mill levy rate the lowest property tax of any full-service municipality on the Front Range. Final adoption of the 2021 property tax mill levy is expected to occur in early December.

Council on Tuesday will also consider approving balanced five-year financial and capital project plans that would accomplish a number of important infrastructure projects in the years to come, including $56.7 million in transportation investments and several parks and recreation improvements.

The five-year financial plan continues to indicate a need for the Town to diversify its revenue streams to continue meeting our growing community’s level of service needs – particularly for staffing the Police and Fire departments. This will be an important initiative for the Town over the next several months.

Full details of all of the financial items Council will be considering are available at CRgov.com/2021budget.

Get Town news straight to your inbox. Sign up online at CRgov.com/notifyme, or follow the Town on Facebook (facebook.com/CRgov), Twitter (@CRgov) and LinkedIn (search Town of Castle Rock).