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 2026 and Ending on the Last Day of December 2026
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 2025 mill levy, adopt the proposed 2026 budget, and appropriate funding for the 2026 budget year. Each resolution will be presented separately for a motion by Council as the Board.
The date of the public hearing was established by the Board on October 14, 2025, and legal notice was published on October 25, 2025.
Background:
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.
A copy of the proposed 2026 budget and a boundary map of this GID are attached for reference.
The attached budget proposes a total appropriation of $402,425 for required debt service payments and related expenditures. This includes an additional principal payment on the bonds of $200,000, for a total principal payment in 2026 of $340,000. By including the additional payments, there will be a reduction of interest paid during the term of the bonds of approximately $407,200, and the bonds will be paid off three years earlier than originally scheduled.
Sources of funds for the District are property taxes, specific ownership taxes, interest income, and the available fund balance. The 2025 levy of 50.000 mills for taxes payable in 2026 is unchanged from the 2025 budget.
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