Title
A Public Hearing on the Budget for the Colorado Springs Marketplace at Austin Bluffs 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 Marketplace at Austin Bluffs 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 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 $236,825 for required debt service payments and related expenditures. Sources of funds for the District are property taxes of $248,000, specific ownership taxes of $29,284, interest income of $5,000, and an estimated beginning 2021 fund balance of $226,159. Property tax revenue is based upon a mill levy of 50.000 mills and preliminary assessed valuation of $5,061,220. The 2020 levy of 50.000 mills for taxes payable in 2021 is unchanged from the 2020 budget. This is a commercial district with no residential properties.
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 remaining principal balance of the bonds as of December 31, 2021 ...
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