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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 11/04/2020 - FIRST READING OF ORDINANCE NO. 138, 2020, BEING TH Agenda Item 13 Item # 13 Page 1 AGENDA ITEM SUMMARY November 4, 2020 City Council STAFF Darin Atteberry, City Manager Travis Storin, Interim Chief Finance Officer Lawrence Pollack, Budget Director John Duval, Legal SUBJECT First Reading of Ordinance No. 138, 2020, Being the Annual Appropriation Ordinance Relating to the Annual Appropriations for Fiscal Year 2021; Adopting the Budget for the Fiscal Year beginning January 1, 2021, and Ending December 31, 2021; and Fixing the Mill Levy for Property Taxes Payable in 2021. EXECUTIVE SUMMARY The purpose of this item is to present the Annual Appropriation Ordinance for First Reading. This Ordinance sets the City Budget for the one-year period (2021) which becomes the City’s financial plan for the next fiscal year. This Ordinance sets the amount of $668,909,564 to be appropriated for fiscal year 2021. However, this appropriated amount does not include what is being appropriated by separate Council/Board of Director actions to adopt the 2021 budget for the General Improvement District (GID) No. 1 of $808,791, the 2021 budget for GID No. 15 (Skyview) of $1,000, the Urban Renewal Authority (URA) 2021 budget of $6,706,744 and the Downtown Development Authority 2021 budget of $23,884,505. This results in City-related total operating appropriations of $700,310,604 in 2021. This Ordinance also sets the 2021 City property tax mill levy at 9.797 mills, unchanged since 1991. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. BACKGROUND / DISCUSSION This budget would have typically been created using the City’s priority-based Budgeting for Outcomes (BFO) process, which has been used since 2005. Given the uncertainty caused by the global pandemic, it was determined that modifications needed to be made to our process and timeline. As part of those modifications, Council approved Ordinance No. 067-2020 to temporarily suspend City Code to allow the adoption of a one- year budget and revise the City’s budgeting process. There are three primary components of these modifications: 1. For 2021, Council will consider and adopt a one-year budget instead of the usual two-year (biennial) budget. This practice will continue for the City’s 2022 budget. Thereafter, the City will return to a two-year budget and the standard cadence of strategic planning and budgeting that Councilmembers, the community, and staff have come to expect. 2. The budgeting process became more tactical, as we were not able to utilize the BFO Teams who play such an important role in the BFO process through the evaluation of budget requests (Offers) and generation of Offer rankings. Agenda Item 13 Item # 13 Page 2 3. Due to the delays in the budget process while staff addressed the immediate 2020 public health and fiscal implications of the pandemic, we were not able to conduct a standard public engagement process prior to the delivery of this recommended budget. Outreach work continued into the fall to help inform Council’s decisions related to the adoption of the budget. While significantly modified, key components of our budgeting process still remain, including budget requests that are based on the specific programs and services provided to the community. This is a key aspect of Budgeting for Outcomes compared to traditional budgeting practices. Budget requests still specify direct linkage to at least one strategic objective in the City’s adopted 2020 Strategic Plan, as well as include performance measures directly related to the proposed program/service. City Council reviewed the Recommended Budget during three Council work sessions. In addition, residents have been able to provide input to Councilmembers through two public hearings. From these discussions and additional information provided by staff, City Council has provided direction and guidance for the following changes that have been incorporated into First Reading of the 2021 Budget. Changes to Offers originally included in the City Manager’s Recommended Budget • Based on Council dialogue during the 2021 budget work sessions on September 8 and 22, staff heard requests for funding the following two Offers: 27.9 - Reduction: Scaled Down Climate Commitment (City- and Community-Led Climate Engagement) – A proposed reduction of $28,465 27.10 - Reduction: Scaled Down Air Quality Programming: Engagement & Monitoring Equipment – A proposed reduction of $47,959 Staff now proposes these two Offers are not included in the 2021 Budget. Instead, the equivalent amount of $76,424 in General Fund reserves will be used to restore the funding originally proposed to be reduced in these two Offers. • At the request of Poudre Fire Authority (PFA) the amount of $20k of PFA funding will be included in ‘Offer 18.26 - Redeploy: Police Campus West and Bike Patrol to Homelessness Coordinator (1.0 FTE), Street Outreach and Restorative Justice.’ The PFA funding will go towards the Homelessness Coordinator position for a collaborative, interagency approach. This will enable 20K of funding from Police Services to further contribute to Neighborhood Livability and Social Health objectives and other 2021 budget initiatives. This change also reduces the direct City funding of PFA in ‘Offer 73.1 - Poudre Fire Operation, Maintenance & Capital (General Fund)’ by an equivalent $20k. • The 2021 Budget for the Downtown Development Authority (DDA) was approved by its Board of Directors on September 10, 2020. ‘Offer 74.1 - DDA Operating and Capital Budget’ has been updated to reflect the final DDA 2021 Budget, as approved by the Board. • The amount of ‘Offer 43.4 - Redeploy: Conservation Trust Trail Construction to Park Maintenance’ has been reduced by $115k. The Offer now has $400k of Conservation Trust funding to be shifted for one year from recreational trail development to Parks operations and maintenance. The offset of $115k to balance this change comes from a $50k one-year reduction in the amount fertilizer used in the Parks system and $65k from General Fund reserves. Utility Rates The utility electric rate increase in the City Manager’s Recommended Budget is included, as proposed, in First Reading of the 2021 Budget at 3.0%. In addition, there is also a need for an increase to utility water rates of 2.0% in 2021 due to the impacts of the Cameron Peak Fire on the Cache La Poudre River and the surrounding watersheds. There is no appropriation related to that rate increase included in the 2021 Budget. As the Agenda Item 13 Item # 13 Page 3 impacts of the wildfires are more widely known, along with understanding the resources available through disaster relief aid and regional collaboration, information will be brought to Council, along with the associated appropriation requests. This table includes the utility rate increases included in this budget. Utility 2021 Electric 3.0% Water 2.0% Wastewater - Stormwater - This annual Appropriation Ordinance sets the amount of $668,909,564 to be appropriated for fiscal year 2021. It does not include the 2021 adopted budgets for the General Improvement District (GID) No. 1 of $808,791, the GID No. 15 (Skyview) of $1,000, the Urban Renewal Authority (URA) of $6,706,744 and the Downtown Development Authority of $23,884,505. This results in City-related total operating appropriations being $700,310,604 in 2021. Below is a summary of the City’s proposed 2021 total operating budget: Amended 2020 2021 % Change Operating $652.1 $636.6 -2.4% Debt 19.7 22.3 13.4% Capital 47.9 41.4 -13.5% Total City Appropriations*$719.7 $700.3 -2.7% Less Internal Service Funds ($83.8)($79.9)-4.7% Transfers to Other Funds (71.5)(66.5)-7.1% GIDs (0.5)(0.8)53.4% URAs (6.6)(6.7)1.5% DDA (19.5)(23.9)22.3% Total ($182.1)($177.8)-2.3% Net City Budget $537.6 $522.5 -2.8% * This includes the GID #1, GID #15, URA and DDA all of which are appropriated in separate ordinances TOTAL BUDGET (in Millions) CITY FINANCIAL IMPACTS This Ordinance sets the annual appropriation for fiscal year 2021 in the amount of $668,909,564. The Ordinance also sets the City property tax mill levy at 9.797 mills, unchanged since 1991. BOARD / COMMISSION RECOMMENDATION Various City boards and commissions submitted memos to City Council for its consideration of what they believed should be included in the 2021 Budget. PUBLIC OUTREACH Agenda Item 13 Item # 13 Page 4 Public outreach for the 2021 Budget was modified, as indicated above, due to the pandemic. The City was not able to conduct its standard public engagement process prior to the delivery of the City Manager’s Recommended Budget. Rather, outreach work was conducted from August through early October to help inform Council’s decisions related to the adoption of the budget. During that time there were public online forums, engagement with the Boards and Commissions, as well as two public hearings. Additionally, online and digital engagement was conducted that resulted in over 2,800-page visits on ourcity.fcgov.com, as well as over 32,000 people reached on Facebook and over 31,000 Twitter impressions. ATTACHMENTS 1. Budget Presentation (PDF) 1 First Reading of the City’s 2021 Budget City Council –November 4, 2020 AT TA CHMENT 1 2020 Council Budget Meetings September 8th Work Session •Culture and Recreation •Economic Health •Environmental Health •Tr ansportation September 22nd Work Session •Neighborhood Livability and Social Health •Safe Community •High Performing Government September 15th Council Meeting •Budget Public Hearing #1 of 2 October 13th Work Session •Budget Public Hearing #2 of 2October 6th Council Meeting •General Discussion –Final Council Direction Nov. 4th (Wed) Council Meeting •First Reading November 17th Council Meeting •Second Reading 2 We are hereCompleted Va lues: -Collaboration -Excellence -Integrity -Outstanding Service -Safety & Well-being -Stewardship Mission: Exceptional service for an exceptional community Vision: To provide world-class municipal services through operational excellence and a culture of innovation City of Fort Collins Leadership System 3 2020 Strategic Plan The 2021 Budget Reflects Community Needs and Council Priorities Identified in the 2020 Strategic Plan 4 2021 Budget Themes Minimizing Impacts to Service Delivery 5 2021 Budget Themes Strategic Service Enhancements and Redeploys 6 2021 Budget Themes Focus on Council Priorities and Support Equity Advancement 7 2021 Budget Themes Capital Project Investments –Current and Future 8 2021 Budget Themes Difficult Trade-offs 9 2021 Budget Themes Maintain Focus on our Workforce 10 Summary of Public Engagement 11 •Discussion and Dialogue –Public online forums •Tw o town hall meetings •Tw o Councilmember Listening Sessions –Boards and Commissions Engagement –Tw o Public Hearings •Online/Digital Engagement –Over 2,800 page visits on ourcity.fcgov.com –Social Media: +32,000 reached on Facebook –Social Media: +31,000 Tw itter impressions Offer Changes for 1st Reading 12 •The following two Reduction Offers are not included in 1st Reading; General Fund reserves were utilized instead to provide the $76k offset 27.9 -Reduction: Scaled Down Climate Commitment (City-and Community-Led Climate Engagement) 27.10 -Reduction: Scaled Down Air Quality Programming: Engagement & Monitoring Equipment •Poudre Fire Authority has contributed $20k towards the Homelessness Coordinator position (Offer 18.26) Offer Changes for 1st Reading 13 •The Downtown Development Authority (DDA) Offer 74.1 has been updated to reflect the 2021 Budget approved by the DDA Board of Directors on September 10, 2020 •Offer 43.4 to redeploy Conservation Tr ust (Lottery) revenues from recreation trail building to Parks operations and maintenance has been reduced from $515k to $400k –2021 Conservation Trust revenue is forecasted at $1.6M –Council guidance was to us a maximum of 50% for Parks O&M = $800k –To tal Conservation Trust for Parks O&M in Recommended Budget = $915k –Shift of $115k back to trail development offset by $50k reduction in parks fertilizer and $65k from General Fund reserves City Intra-Fund Loans History and policy •Council can authorize a loan between City funds •Past City Intra-Fund loans have utilized interest rates found in the City’s Investment Policy for Inter-agency loans --currently 2.75% to 4% •No formal policy exists for intra-fund loans •Council has the discretion to change these terms for City Intra-Fund loans Council Inquiry on Conservation Trust •At Council direction, General Fund is able borrow from Conservation Trust for O&M 14 2021 Utility Rate Increases Electric 3.0% Wa ter 2.0% Wa stewater 0% Stormwater 0% * There is no appropriation associated with the water rate increase; that is expected in early 2021 * 15 Budget Overview 16 Amended 2020 2021 % Change Op eratin g $652.1 $636.6 -2.4% Debt 19.7 22.3 13.4% Capital 47.9 41.4 -13.5% Total City Appropriatio ns*$719.7 $700.3 -2.7% Less Internal Servi ce Fund s ($83.8)($79.9)-4.7% Trans fe rs to Other Fund s (71.5)(66.5)-7.1% GIDs (0 .5 )(0.8)53.4% URA s (6 .6 )(6.7)1.5% DDA (19.5)(23.9)22.3% Total ($182.1)($177.8)-2.3% Net City Budget $537.6 $522.5 -2.8% * T his include s the GID #1, GID #15, URA and DDA all of w hich ar e appropriated in s epar ate ordinances TOTAL BUD GET (in Millio ns) Summary of City ’s Fiscal Health •Overall revenue growth has been trending better than the revised forecast •2020 cost containment has been effective •Underspend of 2020 revised budgets creates reserves for future use •Expenses drivers and community service level expectations will continue to grow as the City recovers from the pandemic •These factors will contribute to future challenging budget cycles 17 A Look Ahead to the 2022 Budget 18 •Q1 2020: Outreach for the 2022 Budget will begin –Evaluating methods to hear community ideas for budget requests (Offers) •Community engagement on the Offers being considered –Feedback from late May will be shared with BFO Te ams o informs BFO Team ranking of Offers –Feedback through June will be shared with the executive team o informs the City Manager ’s Recommended Budget –Feedback through September o Informs the adopted 2022 Budget •1st two weeks of September: How to read the budget and Q&A sessions •Evaluating how to concurrently engage for inputs to 2022 Strategic Plan 2021 Budget Balanced and Fiscally Responsible Budget addresses Council Priorities and Community Needs •Maintains investments in critical services related to transportation, transit, police, fire, and community amenities important to residents and businesses •Maintains key city infrastructure and invests in prudent capital replacement •Minimizes service delivery to the community •Continues community sustainability priorities in the areas of economic, environmental and social health 19 -1- ORDINANCE NO. 138, 2020 OF THE COUNCIL OF THE CITY OF FORT COLLINS BEING THE ANNUAL APPROPRIATION ORDINANCE RELATING TO THE ANNUAL APPROPRIATIONS FOR FISCAL YEAR 2021; ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2021, AND ENDING DECEMBER 31, 2021; AND FIXING THE MILL LEVY FOR PROPERTY TAXES PAYABLE IN 2021 WHEREAS, City Charter Article V, Section 2 provides that the City Manager shall file with the City Clerk on or before the first Monday in September preceding each “budget term” the proposed budget for that ensuing budget term; and WHEREAS, City Charter Article V, Section 1 provides that the City Council is to set by ordinance the number of fiscal years that shall constitute the City’s “budget term”; and WHEREAS, in 2010, the City’s budget term was set in City Code Section 8-1 as being two fiscal years, so a biennial budget term; and WHEREAS, under Code Section 8-1, the City’s next biennial budget term would be for fiscal years 2021 and 2022 (the “2021-22 Budget Term”); and WHEREAS, on May 19, 2020, City Council adopted Ordinance No. 067, 2020, (“Ordinance No. 067”) suspending for only the 2021-22 Budget Term the biennial budget term required by Code Section 8-1 to allow for one-year budget terms for both fiscal years 2021 and 2022 due to the economic turmoil and uncertainty that has occurred because of the COVID-19 global pandemic; and WHEREAS, on September 1, 2020, the City Manager filed with the City Clerk a proposed budget for the City of Fort Collins for the fiscal year 2021 (the “Proposed 2021 Budget”) as required in Article V, Section 2 of the City Charter and as authorized in Ordinance No. 067, and included with it an explanatory message, a complete financial plan for each City fund, appropriate financial statements for each type of fund showing comparative figures for the last completed fiscal year and the current fiscal year, and the City Manager’s recommendation for the ensuing budget term; and WHEREAS, Article V, Section 3 of the City Charter requires that, within ten days of the date of the City Manager’s filing of the Proposed 2021 Budget with the City Clerk, the City Council shall set a time certain for a public hearing on the Proposed 2021 Budget and cause a notice of the hearing to be published; and WHEREAS, on September 1, 2020, the City Council adopted Resolution 2020-081 setting the dates for two such public hearings to be conducted on September 15, 2020, and on October 6, 2020, at regularly scheduled City Council meetings, and City Council ordered notice of these hearings to be published in the Fort Collins Coloradoan; and WHEREAS, such notice was published in the Coloradoan on September 6, 2020; and -2- WHEREAS, both public hearings were held and conducted on those dates and persons were given the opportunity to appear before City Council and comment on any or all items and estimates in the Proposed 2021 Budget; and WHEREAS, Article V, Section 4 of the City Charter requires that after the public hearing and before the last day of November of each fiscal year, the City Council shall adopt the budget for the ensuing budget term by ordinance and appropriate by ordinance on a fund basis and by individual project for capital projects and federal or state grant projects, such sums of money as it deems necessary to defray all expenditures of the City during the ensuing fiscal year, based upon the budget as approved by the City Council; and WHEREAS, the appropriations in this Ordinance also include appropriations as needed to transfer monies from the dedicated funds receiving the revenues to the funds from which those monies will be expended; and WHEREAS, Article V, Section 5 of the City Charter provides that the annual appropriation ordinance shall also fix the tax levy in mills upon each dollar of the assessed valuation of all taxable real property within the City, such levy representing the amount of taxes for City purposes necessary to provide for payment during the ensuing fiscal year for all properly authorized expenditures to be incurred by the City, including interest and principal of general obligation bonds; and WHEREAS, the City Council finds and determines that the adoption of this Ordinance is necessary for the public’s health, safety, and welfare and therefore, wishes to approve the Proposed 2021 Budget, as hereafter amended, and authorize the expenditures described in this Ordinance for the 2021 fiscal year. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. Budget. a. That the City Council has reviewed the Proposed 2021 Budget, a copy of which is on file with the office of the City Clerk, and has determined that the amendments described in Exhibit "A" attached hereto and incorporated by reference should be made to it. b. That the Proposed 2021 Budget, as amended by in Exhibit "A", is hereby adopted in accordance with the provisions of Article V, Section 4 of the City Charter and incorporated herein by reference (the “2021 Adopted Budget”0. -3- c. That the 2021 Adopted Budget shall be on file with and maintained in the office of the City Clerk and identified as "The Budget for the City of Fort Collins for the Fiscal Year Ending December 31, 2021, as Adopted by the City Council on November 17, 2020." Section 3. Appropriations. That there is hereby appropriated out of the reserves and revenues of the City of Fort Collins, for the fiscal year beginning January 1, 2021, and ending December 31, 2021, the sum of SIX HUNDRED SIXTY-EIGHT MILLION NINE HUNDRED NINE THOUSAND FIVE HUNDRED SIXTY-FOUR DOLLARS ($668,909,564) to be raised by taxation and otherwise, which sum is deemed by the City Council to be necessary to defray all expenditures of the City during said budget year, to be divided and appropriated for the following purposes, to wit: GENERAL FUND $182,363,393 ENTERPRISE FUNDS Golf $3,631,315 Light & Power Operating Total $140,369,413 Capital Projects: Data Management Program and Analytics Platform $228,627 Art in Public Places $14,220 CMMS-Maintenance Management $250,000 Dist. System Impr. & Replace. $1,972,000 New Capacity-Circuits $712,000 Operational Technology $1,045,500 PARENT-Service Center $110,000 PARENT-Substation Cap Prj $250,000 Capital Projects Total $4,582,347 Total Light & Power $144,951,760 Water Operating Total $25,729,475 Capital Projects: 2019-Enviro Learn Center Dam $500,000 Data Management Program and Analytics Platform $153,608 Poudre Canyon Raw Waterline Improvements $3,200,000 Galvanized Service Replacement $500,000 North Mason Waterline $100,000 Distribution Replacement Program $1,000,000 Operational Technology Asset Replacement Prgrm (SCADA) $515,000 Art in Public Places $60,500 CMMS-Maintenance Management $166,285 PARENT-Distro Small Projects $1,540,000 PARENT-Water Prod Replcmt Prgm $1,000,000 PARENT-Watershed Protection $80,000 PARENT-Wtr Meter Replacement $850,000 Capital Projects Total $9,665,393 Total Water $35,394,868 -4- Wastewater Operating Total $18,142,466 Capital Projects: DWRF N. Process Train Clarifier Rplcmnt Design & Const. $6,200,000 Meadow Springs Ranch Vehicle Storage Facility $300,000 North Mason Sewer Main - Design $100,000 Developer Repayments $750,000 Collection Replacement Program $3,000,000 Data Management Program and Analytics Platform $110,741 Operational Technology Asset Replacement Prgrm (SCADA) $7,500 Art in Public Places $119,500 CMMS-Maintenance Management $166,285 PARENT-Collect Small Projects $1,500,000 PARENT-Cured In Place Pipe $600,000 PARENT-Water Recl Replcmt Prgm $1,000,000 Capital Projects Total $13,854,026 Total Wastewater $31,996,492 Stormwater Operating Total $10,818,183 Capital Projects: 2017-Castlerock SW Remediation $750,000 2017-Magnolia St Outfall Ph 1 $500,000 2019 - N Mason Area Drainage $1,500,000 Data Management Program and Analytics Platform $100,024 Art in Public Places $77,100 Stream Rehabilitation Program $3,100,000 Poudre Levee Program (Design and some construction) $1,000,000 Boxelder Watershed Dams $200,000 Land Acquisition $250,000 Glenmoor Pond Enhancements $250,000 Cured-in-Place Pipe Lining $450,000 CMMS-Maintenance Management $55,000 Developer Repays $510,000 Master Planning $450,000 Stormwater Basin Improvements $1,500,000 Capital Projects Total $10,692,124 Total Stormwater $21,510,307 Broadband $19,563,710 TOTAL ENTERPRISE FUNDS $257,048,452 INTERNAL SERVICE FUNDS Benefits $36,329,581 Data & Communications $10,403,689 Equipment $12,077,533 Self Insurance $5,318,250 -5- Utility Customer Service & Administration $18,935,437 TOTAL INTERNAL SERVICE FUNDS $83,064,490 SPECIAL REVENUE & DEBT SERVICE FUNDS Capital Expansion $5,409,839 Capital Leasing Corporation $4,795,226 Cemeteries $773,514 Cultural Services & Facilities Operating Total $3,755,537 Capital Projects: Art in Public Places $188,512 Capital Projects Total $188,512 Total Cultural Services & Facilities $3,944,049 General Employees' Retirement $5,729,250 Keep Fort Collins Great $2,906,991 Museum $1,079,098 Natural Areas $12,635,594 Parking $2,663,243 Perpetual Care $26,027 Recreation $8,227,939 Sales and Use Tax $7,822,657 Transportation Capital Expansion Fee $2,159,054 Transit Services $23,368,114 Transportation Services $34,872,691 TOTAL SPECIAL REVENUE & DEBT SERVICE FUNDS $116,413,286 CAPITAL IMPROVEMENT FUNDS Capital Projects Fund Operating Total $66,000 General City Capital Projects: CCIP Arterial Intersection Imp $400,000 CCIP Bicycle Infrastructure Imp $350,000 CCIP Bus Stop Improvements $44,414 CCIP Nature in the City $250,000 CCIP Pedestrian Sidewalk - ADA $1,200,000 City Bridge Program $1,700,000 College Signals $969,000 East District Maint Fac $4,800,000 Lemay/Vine Grade Sep Crossing $12,000,000 Oak Street Plaza Renovation $85,000 Parks Raw Water Study $150,000 Railroad Crossing Replacement $125,000 Vine/Timberline Intersection $1,000,000 General City Capital Projects Total $23,073,414 -6- Total Capital Projects Fund $23,139,414 Community Capital Improvement Capital Projects: Afford Housing Capital Program $500,000 Arterial Intersection Imprvmnt $400,000 Bicycle Infrastructure Imprvmt $350,000 Bus Stop Improvements $100,000 Gardens Visitor Ctr Expansion $40,000 Lincoln Avenue Bridge $36,000 Linden St Renovation $12,000 Nature in the City $250,000 Pedestrian Sidewalk - ADA $1,200,000 Poudre River Proj (CCIP only) $50,000 Willow Street Improvements $11,000 Capital Projects Total $2,949,000 Total Community Capital Improvement $2,949,000 Conservation Trust Operating Total $942,174 Capital Projects: Poudre Trail at I-25 $1,500,000 Capital Projects Total $1,500,000 Total Conservation Trust $2,442,174 Neighborhood Parkland Operating Total $389,355 Capital Projects: East Comm Pk Maint Fac $1,000,000 Side Hill Neighborhood Park $100,000 Capital Projects Total $1,100,000 Total Neighborhood Parkland $1,489,355 TOTAL CAPITAL IMPROVEMENT FUNDS $30,019,943 TOTAL CITY FUNDS $668,909,564 Section 4. Mill Levy. a. That the mill levy rate for the taxation upon each dollar of the assessed valuation of all the taxable real property within the City of Fort Collins shall be 9.797 mills to be imposed on the assessed value of such property as set by state law for property taxes payable in 2021, which levy represents the amount of taxes for City purposes necessary to provide for payment during the 2021 budget year of all properly authorized expenditures to be incurred by the City, including interest and principal of general obligation bonds. b. That the City Clerk shall certify this levy of 9.797 mills to the County Assessor and the Board of Commissioners of Larimer County, Colorado, in accordance with the -7- applicable provisions of law, as required by Article V, Section 5 of the City Charter and no later than December 15, 2020. Introduced, considered favorably on first reading, and ordered published this 4th day of November, A.D. 2020, and to be presented for final passage on the 17th day of November, A.D. 2020. __________________________________ Mayor ATTEST: _______________________________ City Clerk Passed and adopted on final reading on the 17th day of November, A.D. 2020. __________________________________ Mayor ATTEST: _______________________________ City Clerk