Longmont City Council heard an overall view of the proposed 2024 city of Longmont budget during a study session on Tuesday night.
The 2024 budget is expected to total $444.53 million, an increase of $31.44 million over the 2023 proposed budget which is a 7.61% increase. The 2024 proposed budget is balanced and without tax rate increases, according to Harold Dominguez, city of Longmont city manager.
One challenge in creating the 2024 budget has been revenue uncertainty. The final numbers for the budget may remain unknown into November due to Proposition HH which will be voted on at the state legislature later this year. The proposition would limit property tax revenue for local governments.
According to Jim Golden, city of Longmont chief financial officer, the increase for local property taxes was 35.4%. Officials have suggested that Proposition HH could reduce those funds by 50% in the city. Recent appeals to property tax assessments have already reduced the amount received by the city by roughly $90,000.
Golden estimates that Longmont will lose only a third of those dollars as an impact of HH.
Inflation has also been a big challenge for city staff. It has also influenced the recruitment, retention and compensation for city staff. City staff, on average, will receive a minimum salary increase of 4.64% which will keep the city in the 101% market range for compensation. The city will also add 34 new full-time positions in 2024 across several departments.
Prior to the introduction of the city’s budget, the city council approved its priorities and goals for the upcoming year. Among them was a focus on transportation. City staff have allotted $648,000 of one-time funding for a micro-transit bus system. Although not a budget line yet, the council also amended its transportation priority to include a look at the proposed rail system.
Tuesday night was a simple overview of the proposed 2024 budget. Beginning Sept. 5, the city council will begin hearing special presentations from city departments that will go into a more detailed budget proposal.
The following is the proposed budget schedule:
September 5
- Regular Meeting 2024 – 2028 Proposed CIP
- Attainable Housing
- Affordable Housing Fund
- Transportation Fund
September 12 - Regular Meeting
- Employee Compensation & Benefits
- General Fund Budget Summary
- Public Safety Fund Budget Summary
September 19 - Study Session
- New positions
- One-time Expenses
- Human Service Agency Funding
- LDDA Budget
- Supporting Actions for Mental Health
- Early Childhood Capacity Building
- Grants/External funding sources
September 26 - Regular Meeting
- Financial Policies Public Hearing
October 3 – Study Session
- Second Public Hearing Final Direction from Council
October 10 - Regular Meeting
- Budget Ordinances
October 24 - Regular Meeting
- Budget Ordinances and Resolutions
