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