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 2020 and Ending on the Last Day of December 2020
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 2019 mill levy, adopt the proposed 2020 budget, and appropriate the funds for the 2020 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 8, 2019. A boundary map of this GID is attached for reference.
The attached budget proposes a total appropriation of $1,631,616 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 2020 of $1,485,000. This additional payment of $1,000,000 and the $2,000,000 additional principal payment made in 2019 will result in a reduction of interest paid for the remainder of the term of approximately $810,000, with final payment made four years early in December 2026. Sources of funds for the District are property taxes of $1,393,362, specific ownership taxes of $163,394, interest income of $15,000, and an estimated beginning fund balance of $1,075,336. Property tax revenue is based upon a mill levy of 12.000 mills and preliminary assessed valuation of $119,704,610. The 2019 levy of 12.000 mills for taxes payable in 2020 was unchanged from the 2019 budget.
Previous Council Action:
City Council created this GID in 2000 (Ordinance No. 00-127). In 2003...
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