Title
A Public Hearing on the Budget for the Colorado Springs Briargate 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 Briargate General Improvement District (GID). In accordance with State statute, it is necessary for the Board of Directors of the Briargate General Improvement District (GID) 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 the funds for the 2021 budget year. Each resolution will be presented separately for a motion by Council as the Board. A copy of the proposed 2020 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 $1,604,460 for required debt service payments and related expenditures. This includes an additional principal payment on the bonds of $1,000,000, for a total principal payment in 2021 of $1,500,000. This additional payment of $1,000,000 and the total of $3,000,000 of additional principal payments made in 2019 and 2020 will result in a reduction of interest paid for the remainder of the term of approximately $940,000, with final payment made five years early in December 2025. Sources of funds for the District are property taxes of $1,419,711, specific ownership taxes of $166,483, interest income of $25,000, and an estimated beginning 2021 fund balance of $1,045,988. Property tax revenue is based upon a mill levy of 12.000 mills and preliminary assessed valuation of $121,968,280. The 2020 levy of 12.000 mills for taxes payable in 2021 was unchanged from the 2020 budget.
Background:
City Council sits as the Board of Directors for each of ...
Click here for full text