The Town of Paonia is now totally de-Bruced. Voters approved the ballot question on Nov. 5 by 355 for and 158 against.
Initially the Town of Paonia thought lifting of TABOR restrictions on the mill levy would give them $2,900 in additional revenue for the first year. The amount would increase in subsequent years if property taxes increased or if other revenue increased.
But on Friday, Nov. 8, Cindy Jones, finance officer, learned from the State of Colorado that in the first year, the Town of Paonia should receive about $12,000.
Barbara Peterson, town clerk, said the Department of Local Affairs gives the town two formulas for calculating the mill levy. The town previously had to take the lesser of the two amounts. "This will let us keep any extra levy," she said.
"I think this will make a much larger difference in the future," Peterson said. "It was definitely the best thing to do and the last piece of the puzzle that we needed to de-Bruce from."
Jones said that she will submit the language of the ballot question to the State of Colorado and they will give her more information on what it will mean for the Paonia budget and future projects.
What Jones and the state does know is that the Town of Paonia can now take its full mill levy, which is 8.32 mills, for an estimated increase in revenue of $12,000 a year.
Previously, Jones thought the town would only be able to increase its mill levy up to the state statute level of 5.5 mills. "But I found out that the way we worded [the ballot question] should mean we'll get the full mill levy that was set many, many years ago which was 8.322 mills."blog comments powered by Disqus