Title
A resolution summarizing expenditures and revenues for each fund and adopting a budget for the Colorado Springs Spring Creek General Improvement District, Colorado Springs, Colorado, for the calendar year beginning on the first day of January 2015 and ending on the last day of December 2015
Body
From:
Kara Skinner, Chief Financial Officer
Peter Wysocki, Planning and Development Director
Carl Schueler, Planning Manager - Comprehensive Planning
Summary:
As discussed in the preceding Public Hearing, the attached resolution is presented for approval by City Council, sitting as the Board of Directors of the Colorado Springs Spring Creek General Improvement District (GID), to adopt its budget for the 2015 calendar year.
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 (1) sets and certifies the mill levy, (2) adopts the budget, and (3) appropriates the funding 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, set and certify the mill levy, adopt an annual budget, and, appropriate the funding for the District.
Financial Implications:
Since the Colorado Springs Spring Creek GID is a separate entity there are no financial implications for the City of Colorado Springs.
Board/Commission Recommendation:
N/A
Stakeholder Process:
NA
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move to approve the attached resolution to adopt the proposed 2015 budget for the Colorado Springs Spring Creek General Improvement District budget.
Ordinance Language
N/A