Title
A Resolution Summarizing Expenditures and Revenues, Adopting a Budget, and Appropriating Funds for the Colorado Springs Briargate General Improvement District 2021, Colorado Springs, Colorado, for the Calendar Year Beginning on the First Day of January 2025 and Ending on the Last Day of December 2025
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
City Council sits as the Board of Directors for each of the General Improvement Districts and is required to conduct a public hearing, fix and certify the mill levy, adopt an annual budget, and appropriate the funding for the District.
Background:
Following the Public Hearing on November 12, 2024 the attached resolution is now presented for approval by City Council, sitting as the Board of Directors of the Colorado Springs Briargate General Improvement District 2021 (GID), to adopt its budget and appropriate the funding for the 2025 calendar year.
In November of 2021, voters approved the organization of this GID and the imposition of a not more than 4.409 mill levy.
The attached budget appropriates a total of $2,127,979 to provide for the maintenance of certain public improvements of general benefit to the residents of the district. The public improvements may include parks, open space, trails, bicycle paths, landscaping, fencing, pillars, medians, entry islands, utility rights-of-way, irrigation facilities and associated water system improvements, theme areas and neighborhood theme signage located primarily, but not exclusively, on and along primary streets within the district.
Sources of funds for the District are property taxes, specific ownership taxes, interest income, and the available fund balance. Property tax revenue is based upon a mill levy of 4.409 mills, which is unchanged from the prior year.
Previous Council Action:
City Council referred an item to the November 2, 2021 ballot requesting the formation of the GID. Upon voter approval, City Council created this District in 2022 (Ordinance No. 22-16).
The Board of Directors of the Colorado Springs Briargate General Improvement District 2021 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 Briargate GID 2021 is a separate entity there are no direct 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:
Move to approve the attached resolution to adopt the 2025 budget and appropriate funding for the 2025 budget year for the Colorado Springs Briargate General Improvement District 2021
Summary of Ordinance Language
N/A