Title
Request to set November 14, 2023 as the Public Hearing date for consideration of adopting the proposed 2024 Colorado Springs Briargate General Improvement District 2021 Budget and to advertise as required by law
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
City Council sits as the Board of Directors (Board) of the Colorado Springs Briargate General Improvement District 2021 (District). In accordance with State statute, it is necessary for the Board to make a motion to establish November 14, 2023 as the Public Hearing date for consideration of the proposed 2024 District budget. Following that November hearing, the Board will certify the District mill levy and then adopt and appropriate the final budget. A copy of the proposed budget for the 2024 calendar year 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 $1,922,609 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 of $1,928,842, specific ownership taxes of $204,457, interest income of $18,000, and an estimated beginning 2024 fund balance of $277,127. Property tax revenue is based upon a mill levy of 4.409 mills and preliminary assessed valuation of $444,140,350. The 2023 levy of 4.409 mills for taxes payable in 2024 is unchanged from the 2023 budget.
Background:
City Council sits as the Board of Directors (Board) of the Colorado Springs Briargate Gene...
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