Title
Request to set November 25, 2014 as the Public Hearing date for consideration of adopting the proposed 2015 Colorado Springs Spring Creek General Improvement District Budget and to advertise as required by law
Body
From:
Kara Skinner, Chief Financial Officer
Peter Wysocki, Planning and Development Director
Carl Schueler, Planning Manager - Comprehensive Planning
Summary:
Council sits as the Board of Directors (Board) of the Colorado Springs Spring Creek General Improvement District (District). In accordance with State statute, it is necessary for the Board to make a motion to establish November 25, 2014 as the Public Hearing date for consideration of the proposed 2015 District budget. Following that November hearing, the Board will adopt and appropriate the final budget and certify the District mill levy. A copy of the proposed calendar year 2015 budget for the District is attached. This proposed budget is submitted as information only and requires no action on the part of the Board at this time.
The attached budget proposes a total appropriation of $296,665 for required debt service payments and related expenditures. Sources of funds for the District are property taxes of $277,129, specific ownership taxes of $26,733, interest income of $2,000, and an estimated beginning fund balance of $283,180. Property tax revenue is based upon a mill levy of 20.000 mills and preliminary assessed valuation of $14,139,220. The 2015 levy of 20.000 mills is unchanged from the 2014 budget.
Previous Council Action:
City Council originally created this District 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 of Directors annually adopts the budget for the District.
Background:
City Council sits as the Board of Directors for each of the General Improvement Districts and is required to conduct a public hearing and adopt an annual budget for the district. Pursuant to State statute, the Board must be provided a proposed budget on or before October 15 of each year.
The remaining principal balance of the bonds as of December 31, 2015 is projected to be $1,230,000. The bond issue for this GID is scheduled to be paid off in December 2020, after which this District could be dissolved.
Financial Implications:
Since the Colorado Springs Spring Creek General Improvement District is a separate entity and its indebtedness is not an obligation of the City, there are no financial implications for the City of Colorado Springs.
Board/Commission Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Motion to establish November 25, 2014 as the date of the Public Hearing to consider the 2015 Colorado Springs Spring Creek General Improvement District budget.
Ordinance Language
N/A