The District Board adopts an annual budget by December 15th of each year for the following calendar year. At this time, the Board establishes the property tax rate and level of fees and charges, if any, for the property within the District. The District relies on the County Assessor’s Office for certification of assessed values within the District. The preliminary assessed valuation is received by August 25th of each year, and the final assessed valuation is received by December 10th. The District Board of Directors establishes the property tax rate based on these values.
The property tax rate consists of two components:
- Operations and Maintenance: The operations and maintenance mill levy provides for the on-going operations and maintenance of the District
- Debt Service: The debt service levy revenue is dedicated to payment of the principal and interest of the District’s outstanding bonds, if any.
An annual audit of the District’s financial statements must be prepared annually and filed with the Colorado Division of Local Government and bondholders, if any. In some cases, an exemption from the annual audit requirement may apply.