City of Loveland Budget Watch 2024: Loveland City Council offers essential guidance for budget amid revenue shortfall
As the City of Loveland prepares for an ongoing multi-million-dollar revenue shortfall to its General Fund, during an April 30 study session, Loveland City Council offered guidance to ensure a balanced budget in 2024 and prepare for more impactful changes in 2025 and beyond.
The council understood the methodology and supported the approach of using capital project cancellations and 2023 salary savings to offset the revenue loss in 2024.
For 2025 and beyond, guidance was to focus on essential City functions like public safety, infrastructure, and core services while maintaining emergency reserves. Staff are also encouraged to reevaluate whether impacts can be minimized on public-facing services such as parks, cultural services, and the library. The council also discussed exploring the possibility of pursuing a potential tax increase to preserve City services at current levels.
What is next?
According to Acting City Manager Rod Wensing, this is the first high-level touchpoint in a multi-step process to address the City’s budget. Staff will be back in front of the council next month to provide a progress update, including more detail about what proposed reductions look like and potential ballot language for consideration. Budget de-appropriations, which allow the City to reallocate money to cover 2024 expenses, are planned for a July council meeting followed by a Budget Retreat in August.
Stay informed
Understand the City of Loveland’s budget, where your tax dollars are invested in the community, and stay tuned to news and information through the City of Loveland’s Budget Watch page at letstalkloveland.org/budget.
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CONTACTS:
- Kim Overholt, Communication & Engagement Manager, 970-962-3268, Kimberly.Overholt@cityofloveland.org
- Nicole Yost, Communication & Engagement Director, 970-962-2302, Nicole.Yost@cityofloveland.org
