Final 2024 Budget Watch Update: City Council to Review Preliminary 2024 Year-End Financial Report
The Loveland City Council Study Session on Tuesday, February 25 includes the City Finance Department’s pre-audit fourth-quarter financial report. The meeting packet, published this evening, contains the full presentation that will be shared during the session.
Study sessions offer Council members an opportunity to explore specific issues in depth.
Revenue from sales tax aligned with revised budget projections but stronger-than-anticipated performance in other revenue sources helped offset the City’s overall loss. Pre-audit reports indicate that sales tax collections for 2024 were down 13.5%, resulting in a shortfall of $8,768,544.
A few highlights from the report include:
- Property tax collections were 3% over budget, bringing in $489,562 more than forecast. This includes a one-time, non-recurring state payment of $883,548.
- Regarding sales tax by industry, grocery stores and specialty foods were the hardest hit with a 64.5% loss in collections.
- Combined collections from property tax, sales tax, building materials use tax, and auto use tax were down 7.8%, totaling $6,776,759 less than the adopted 2024 budget.
Additional revenue gains and losses are outlined in the full meeting packet.
Council will also review early revenue trends for 2025. The January cash sales tax collections report shows collections currently down 14% from the adopted budget.
Tuesday’s presentation is a pre-audit report. As required by state law, the City undergoes an independent financial audit each year. A third-party firm conducts the review, typically completing it by mid-year.
Study sessions are on the second and fourth Tuesday of each month at 6 p.m. in the Loveland City Council Chambers, 500 E. 3rd Street. Meetings are conducted in a hybrid format and residents can participate in-person, virtually over Zoom, or by telephone with information about these options provided in the meeting agenda.
Residents can also watch live broadcasts of City Council meetings at lovgov.org/TV, on PulseTV channel 16, Comcast channels 16 and 880, or by searching "Loveland TV" on Apple TV or Roku.
For more information about the meeting, access the meeting packet at go.lovgov.org/CityCouncilStudyAgenda.
Looking Ahead: A Recap of the 2025 Budget
The annual City operating budget helps shape the future of our community and understanding how finances are allocated helps residents stay informed about essential services like roads, public safety, parks, and more. To check out the adopted 2025 budget, visit lovgov.org/budget.
