Title
A Resolution Summarizing Expenditures and Revenues, Adopting a Budget, and Appropriating Funds for the Colorado Springs Briargate General Improvement District 2021, Colorado Springs, Colorado, for the Calendar Year Beginning on the First Day of January 2025 and Ending on the Last Day of December 2025
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
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.
Background:
Following the Public Hearing on November 12, 2024 the attached resolution is now presented for approval by City Council, sitting as the Board of Directors of the Colorado Springs Briargate General Improvement District 2021 (GID), to adopt its budget and appropriate the funding for the 2025 calendar year.
In November of 2021, voters approved the organization of this GID and the imposition of a not more than 4.409 mill levy.
The attached budget appropriates a total of $2,127,979 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, specific ownership taxes, interest income, and the available fund balance. Property tax revenue is based upon a mill levy of 4.409 mills, which is unchanged from the prior year.
Previous Council Action:
City Council referred an item to the November 2, 2021 ballot requesting the formation of the GID. Upon voter approval, City Council created...
Click here for full text