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OIL & GAS REVENUE

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

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OIL & GAS REVENUE

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  1. OIL & GAS REVENUE HOW IS REVENUE RAISED • Property Tax Assessment. • State & County Assessment • Federal Mineral Leasing

  2. 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

  3. OIL & GAS REVENUE HOW IS REVENUE RAISED • Federal Mineral Leasing • From Colorado Public Lands $125,683,568 • To State of Colorado $62,841,784

  4. DISTRIBUTION OF REVENUE $125,683,568 Federal Mineral Taxes Collected in Colorado in 2003

  5. DISTRIBUTION OF REVENUE $125,683,568 Federal Mineral Taxes Collected in Colorado in 2003

  6. DISTRIBUTION OF REVENUE

  7. DISTRIBUTION OF REVENUE $62,841,784 Federal Mineral Taxes Collected in Colorado in 2003

  8. DISTRIBUTION OF REVENUE $62,841,784 Federal Mineral Taxes Collected in Colorado in 2003

  9. DISTRIBUTION OF REVENUE $5,252,460 Federal Mineral Taxes Counties Portion

  10. DISTRIBUTION OF REVENUE $62,841,784 Federal Mineral Taxes Counties Portion

  11. DISTRIBUTION OF REVENUE $62,841,784 Federal Mineral Taxes Counties Portion

  12. 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.

  13. DISTRIBUTION OF REVENUE $12,515,617 Property Tax Distribution

  14. DISTRIBUTION OF REVENUE $12,515,617 Property Tax Distribution

  15. DISTRIBUTION OF REVENUE $3,115,917 Garfield County’s Portion

  16. DISTRIBUTION OF REVENUE $3,115,917 Garfield County’s Portion

  17. 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

  18. DISTRIBUTION OF REVENUE $4,447,917 Oil & Gas Contributions

  19. 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%.

  20. 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.

  21. 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

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