Title
Request to set November 25, 2014 as the Public Hearing date for consideration of adopting the proposed 2015 Colorado Springs Spring Creek General Improvement District Budget and to advertise as required by law
Body
From:
Kara Skinner, Chief Financial Officer
Peter Wysocki, Planning and Development Director
Carl Schueler, Planning Manager - Comprehensive Planning
Summary:
Council sits as the Board of Directors (Board) of the Colorado Springs Spring Creek General Improvement District (District). In accordance with State statute, it is necessary for the Board to make a motion to establish November 25, 2014 as the Public Hearing date for consideration of the proposed 2015 District budget. Following that November hearing, the Board will adopt and appropriate the final budget and certify the District mill levy. A copy of the proposed calendar year 2015 budget 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 $296,665 for required debt service payments and related expenditures. Sources of funds for the District are property taxes of $277,129, specific ownership taxes of $26,733, interest income of $2,000, and an estimated beginning fund balance of $283,180. Property tax revenue is based upon a mill levy of 20.000 mills and preliminary assessed valuation of $14,139,220. The 2015 levy of 20.000 mills is unchanged from the 2014 budget.
Previous Council Action:
City Council originally created this District 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 of Directors annually adopts the budget 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 and adopt an annual budget fo...
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