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OIL & GAS REVENUE
HOW IS REVENUE RAISED Property Tax Assessment.
State & County Assessment
Federal Mineral Leasing
OIL & GAS REVENUE
HOW MUCH REVENUE IS RAISED Property Tax Assessment
State Property Assessment County Property Assessment Total $1,019,831,820
Oil & Gas Assessed Valuation in Garfield $ 259,832,000
Property Tax Collected For Oil & Gas only $12,515,617 Collected in Garfield County
OIL & GAS REVENUE
HOW IS REVENUE RAISED Federal Mineral Leasing
From Colorado Public Lands
$125,683,568
To State of Colorado
$62,841,784
DISTRIBUTION OF REVENUE
50%50%ColoradoUS Treasury
$125,683,568 Federal Mineral Taxes Collected in Colorado in 2003
DISTRIBUTION OF REVENUE
62,841,78462,841,784ColoradoUS Treasury
$125,683,568 Federal Mineral Taxes Collected in Colorado in 2003
DISTRIBUTION OF REVENUE
DISTRIBUTION OF REVENUE
49%
10%
5%
5%8%2%
21%CountiesSchoolTownsCWCBSt. SchoolDOLA GrtDOLA Dir
$62,841,784 Federal Mineral Taxes Collected in Colorado in 2003
DISTRIBUTION OF REVENUE
31,167,501
5,252,460
3,039,337
2,914,985
6,307,167
1,174,896
12,985,438CountiesSchoolTownsCWCBSt. SchoolDOLA GrtDOLA Dir
$62,841,784 Federal Mineral Taxes Collected in Colorado in 2003
DISTRIBUTION OF REVENUE
3,920,460
1,332,000
CountiesGarfield
$5,252,460 Federal Mineral Taxes Counties Portion
DISTRIBUTION OF REVENUE
2%
98%
GarfieldColorado
$62,841,784 Federal Mineral Taxes Counties Portion
DISTRIBUTION OF REVENUE
1,332,000
61,509,784
GarfieldColorado
$62,841,784 Federal Mineral Taxes Counties Portion
OIL & GAS REVENUE
FACT
Total assessed and exempt valuation of Garfield County is $1,019,831,820.
Assessed valuation on oil & gas in Garfield County is
$259,832,000.
DISTRIBUTION OF REVENUE
50%
24%
7%
7%
4%8%
Sch DistCountyCMCFire DistSpec DistMuni
$12,515,617 Property Tax Distribution
DISTRIBUTION OF REVENUE
6,491,494
519,3191,038,639
908,809
908,809
3,115,917
Sch DistCountyCMCFire DistSpec DistMuni
$12,515,617 Property Tax Distribution
DISTRIBUTION OF REVENUE
4%
60%
0%
7%
8%
21%Gen FundRef & AbateR&BDSSCapitalEmp Ret.
$3,115,917 Garfield County’s Portion
DISTRIBUTION OF REVENUE
6,845
1,893,566
109,530
638,928
248,725
217,920
Gen FundRef & AbateR&BDSSCapitalEmp Ret.
$3,115,917 Garfield County’s Portion
OIL & GAS REVENUE
REVIEW
Federal Mineral Leasing Revenue $1,332,000
Property Tax on Oil & Gas Total $3,115,917
Total Revenue to Garfield County $4,447,917
DISTRIBUTION OF REVENUE
General Fund Distribution General Fund Distribution -- $21.8 Million$21.8 Million
County Manager1%
Fairground1%
Coroner1%
Fair0%
Extens ion1%
Hum an Res ources2%
E Prep1%
Purchas ing 1%
Inform ation Sys tem s2%
BUD0%
Accounting2%
Facilities4%
Telecom m unications0%
Rental10%
E Med0%
Com m unity Corrections5%
Building and Planning4%
County Com m is s ioner5%
Dis trict Attorney6%
As s es s or4% Clerk
5%
Treas urer2%
Attorney3% Suveyor
0%
Sheriff40%
$4,447,917 Oil & Gas Contributions
OIL & GAS REVENUE
WHAT IF Garfield County receives a $12M increase or greater from oil & gas through the above process?
County government revenues would be approximately $2.8M.
However, increase in revenue would amount to 22.2%.
OIL & GAS REVENUE
HOWEVER Statutory Requirement
Defines any revenue exceeding 5.5% must go to capital.
Garfield County revenue of $2.8M must divert $2.1M to capital.
Leaving $700,000 for general and other funds.
OIL & GAS REVENUE
INFORMATION GATHERED FROM
Garfield County Treasurer 2003 year end report.
Garfield County Assessor 2003 Abstract.
Colorado Department of Local Affairs Annual Report.
Colorado Revised Statutes
