CMC’s 2011 mill levy certified at 3.997
The Colorado Mountain College Board of Trustees, meeting in Glenwood Springs Monday, certified the six-county college district’s 2011 mill levy of 3.997.
The mill levy was agreed to earlier this year when the board adopted CMC’s 2010-11 budget, but needed to be certified for the coming tax year.
CMC’s property tax revenues from the oil and gas industry fell markedly this year, causing Garfield County’s property taxes to the college to drop an estimated 37.4 percent. County assessors have until Dec. 10 to notify the college of any new changes in assessed valuations.
Oil and gas properties are reassessed every year, while other properties are reassessed every two years.
According to Linda English, vice president of finance for CMC, the college expects see property tax revenues decline significantly for the 2011-12 fiscal year, based on June 30, 2010, property values. Those values could result in the college seeing more than a $13 million reduction in property tax revenues.
Combined with anticipated cuts in revenue from the state, trustees heard the worst-case scenario could be a $15.7 million loss in revenues for 2011-12.
“We have been expecting to see that funding take a double-digit hit, and have planned accordingly by investing in our reserves, moderately adjusting tuition and seeking increased grants and other types of funding,” CMC President Stan Jensen said.
English noted that higher education funding remained solid in 2009-10 thanks to federal stimulus dollars the state received to backfill its own cuts to higher ed funding. Stimulus dollars are expected to be lower in the 2010-11 fiscal year, however.
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Imagine Glenwood and The City of Glenwood Springs is slated to host a virtual town hall at 5:30 p.m. Thursday, March 11.