Title
A Public Hearing on the Budget for the Colorado Springs Spring Creek General Improvement District, Colorado Springs, Colorado, for the Calendar Year Beginning on the First Day of January 2021 and Ending on the Last Day of December 2021
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
Council sits as the Board of Directors of the Colorado Springs Spring Creek General Improvement District (GID). In accordance with State statute, it is necessary for the Board to conduct a public hearing and, at its conclusion, to pass resolutions to set and certify the 2020 mill levy, adopt the proposed 2021 budget, and appropriate the funding for the 2021 budget year. Each resolution will be presented separately for a motion by Council as the Board. A copy of the proposed 2021 budget was provided to the Board of Directors on October 13, 2020. A boundary map of this GID is attached for reference.
The attached budget proposes a total appropriation of $6,000 for required audit and service fees. Sources of funds for the District are interest income of $500 and estimated beginning 2021 fund balance of $39,073. With the payoff of existing bond debt in December 2020, the 2020 mill levy of zero (0.000) mills is changed from the 2019 mill levy of 4.000 mills.
Background:
City Council sits as the Board of Directors for each of the General Improvement Districts and is required to conduct a public hearing, set and certify the mill levy, adopt an annual budget, and appropriate the funding for the district. The date of the public hearing was established by the Board on October 13, 2020, and legal notice was published on November 14, 2020.
The bond issue for this GID is scheduled to be paid off in December 2020, and required audits will be performed in 2021, after which this District will be dissolved.
Previous Council Action:
City Council originally created this GID in 1985 (Ordinance No. 85-182). In 2005, the Board approved a bond refinance in the amount of $2,695,000 (Ordinance No. 05-107). The Board annually sets and certifies the mill levy, and then adopts the budget and appropriates the funding for the District.
Financial Implications:
Since the Colorado Springs Spring Creek General Improvement District is a separate entity there are no financial implications for the City of Colorado Springs.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
N/A
Summary of Ordinance Language
N/A