Skip Navigation LinksCherry Creek School District > District News > CCSD Board of Education sets annual mill levy rate
Print this page

CCSD Board of Education sets annual mill levy rate

The Cherry Creek School District Board of Education set the mill levy rate for property taxes at their regular meeting Monday, Dec. 14, 2015.

Due to TABOR limits the mill levy will decline in 2015 for Cherry Creek from 25.712, to a 2015 base mill rate of 22.494 for the local contribution to the financing of public education.

Cherry Creek is one of just three school districts in the state that has not "de-Bruced," which allows school districts and other government agencies to keep tax revenues above the rate of inflation and population growth. That means that despite a large increase in property values in the last few years, residential property taxes in the Cherry Creek School District will increase by just 3.09%, or an average of $4 per year on an average priced home.

The chart below shows comparisons of the mill levy change impact in some neighboring districts.

Mil Levy2.jpg 


Recently the district also refinanced some of its existing bond debt to a lower interest rate saving taxpayers $3.3 milllion in the next three years.

The bonds were sold competitively with bids received electronically via the internet.  The winning bid was submitted by Wells Fargo Bank, National Association with a True Interest Cost of .79%.  The cover, or second best bid, was submitted by J.P. Morgan Securities, LLC.  There were 13 additional firms that submitted bids including Bank of America Merrill Lynch, Citigroup Global Markets, Piper Jaffray, Morgan Stanley, D.A. Davidson, George K. Baum, Baird, and Stifel Nicolaus to name a few.    

"This transaction reduced the principal amount of the outstanding debt by almost 5 million dollars, while also lowering the average interest rate from 3.99% to .79%," Guy Bellville, Cherry Creek School District CFO, said. "Being able to refinance at well under 1% is tremendous."

"Cherry Creek is an extremely strong credit, as evidenced by the Aa1/AA ratings assigned by Moody's and Standard & Poor's, respectively; and the strong bids received and the 15 bidders that competed to buy the bonds are a reflection of the credit markets' view of the District's quality," Jim Harrington, Ehlers Senior Municipal Advisor, said.

Mill Levy Resolution 256-15.pdf 


Posted 12/16/2015 10:10 AM
 ". . . despite a large increase in property values in the last few years, residential property taxes in the Cherry Creek School District will increase by just 3.09%, or an average of $4 per year on an average priced home." 
Copyright © Cherry Creek School District #5, 4700 S. Yosemite Street, Greenwood Village, CO 80111 | 303-773-1184
Cherry Creek School District No. 5 does not discriminate on the basis of race, color, national origin, sex, age or disability in admission to its programs, services or activities, in access to them, in treatment of individuals, or in any aspect of their operations. The lack of English language skills shall not be a barrier to admission or participation in the district’s activities and programs. The Cherry Creek School District No. 5 also does not discriminate in its hiring or employment practices. This notice is provided as required by Title VI of the Civil Rights Act of 1964, Section 504 of the Rehabilitation Act of 1973, Title IX of the Education Amendments of 1972, the Age Discrimination Act of 1975, and the Americans with Disabilities Act of 1990. Questions, complaints, or requests for additional information regarding these laws may be forwarded to the designated compliance officer: District Compliance Officer or directly to the U.S. Department of Education, Office for Civil Rights, Region VIII, Federal Office Building 1244 North Speer Blvd., Suite #310, Denver, CO 80204.

You are now leaving the Cherry Creek School District (CCSD) portal. Please note that CCSD does not control nor can it guarantee the accuracy, relevance, timeliness, completeness, or appropriateness of any content contained on web sites and/or pages outside of the official CCSD portal. The information or opinions contained on these web sites and/or pages do not necessarily represent the views of the CCSD.

With access to the internet comes the availability of material that may not be of educational value or appropriate for students. While at school, CCSD has taken precautions to restrict access to inappropriate or harmful web sites. However, on the internet it is impossible to control all materials and limit all access to information that has no educational value. CCSD firmly believes that the valuable information and the interaction available on the internet far outweigh the possibility that users may procure material that is not consistent with the educational goals of CCSD.