Title
A Public Hearing on the Budget for the Colorado Springs Spring Creek 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 Spring Creek General Improvement District (GID). In accordance with State statute, it is necessary for the Board 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 funding 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 $297,725 for required debt service payments and related expenditures. Sources of funds for the District are property taxes of $105,176, specific ownership taxes of $12,304, interest income of $1,000, and an estimated beginning fund balance of $211,584. Property tax revenue is based upon a mill levy of 4.000 mills and preliminary assessed valuation of $26,830,680. The 2019 levy of 4.000 mills for taxes payable in 2020 is a reduction from the 2018 levy of 6.000 mills for taxes payable in 2019. The reduced revenue received as a result of the lower mill levy, along with anticipated fund balance at the end of 2019, will fund the remaining and final debt service payment of $291,225 in 2020, along with residual audit and service fees into 2021.
Previous Council Action:
City Council originally created this GID 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 annually sets and certifies the mill levy, and the...
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