Broomfield outlines 2026 budget plan, warns of $6–8 million property-tax shortfall and utility rate increases

City and County of Broomfield officials on a public budget update described a package of structural changes to the 2026 budget and warned that changes to property tax assessments and falling market values will reduce property-tax revenue by roughly $6 million to $8 million.

The presentation, led by City County Manager Jennifer Hoffman, economist Jeff Romine and Finance Director Graham Clark, explained why staff say the city and county must shift from a growth-era budgeting approach to one that prioritizes asset preservation, debt management and conservative revenue assumptions. Hoffman opened the presentation by calling it “our economic and fiscal update of our 2026 budget highlights.”

The short-term finance picture: why it matters

Officials said two state-level changes — a drop in assessed values in parts of Broomfield and a legislative reduction in the residential assessment rate — combine with slower sales-tax growth to create a multi-million-dollar gap. Jeff Romine summarized the broader economic backdrop, saying the U.S. and local data indicate “we're moving into and are in a period of stagflation,” meaning slower growth alongside rising inflation and upward pressure on unemployment. Romine and staff said those national and state-level shifts, together with changing consumer behavior and development timing, have direct implications for Broomfield’s projected revenues.

What staff are proposing and why

Finance Director Graham Clark said the 2026 budget development process has been reworked to emphasize data-driven decisions, historical spending analysis and a line-by-line review of contracts and nonpersonnel spending. Clark said staff’s…