Title
A Resolution Summarizing Expenditures and Revenues, Adopting a Budget, and Appropriating Funds 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 2019 and Ending on the Last Day of December 2019
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
Following the Public Hearing on November 27, 2018, the attached resolution is now presented for approval by City Council, sitting as the Board of Directors of the Colorado Springs Marketplace at Austin Bluffs General Improvement District (GID), to adopt its budget and appropriate the funding for the 2019 calendar year.
Previous Council Action:
Council created this GID in 2006 (Ordinance No. 06-138), and, as its Board, approved issuance of $2,790,000 in bonds in 2008 (Ordinance No. 08-175). The Board annually sets and certifies the mill levy, and then adopts the budget and appropriates the funding 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, set and certify the mill levy, adopt an annual budget, and appropriate the funding for the District.
Financial Implications:
Since the Colorado Springs Marketplace at Austin Bluffs GID is a separate entity, and its indebtedness is not an obligation of the City, there are no direct financial implications for the City of Colorado Springs.
Board/Commission Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move to approve the attached resolution to adopt the 2019 budget and appropriate the funding for the 2019 budget year for the Colorado Springs Marketplace at Austin Bluffs General Improvement District.
Summary of Ordinance Language
N/A