Title
Request to set November 24, 2020 as the Public Hearing date for consideration of adopting the proposed 2021 Colorado Springs Briargate General Improvement District Budget and to advertise as required by law
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
Council sits as the Board of Directors (Board) of the Colorado Springs Briargate General Improvement District (District). In accordance with State statute, it is necessary for the Board to make a motion to establish November 24, 2020 as the Public Hearing date for consideration of the proposed 2021 District budget. Following that November hearing, the Board will certify the District mill levy and then adopt and appropriate the final budget. A copy of the proposed budget for the 2021 calendar year 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 $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 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 the General Improvement Districts and is requi...
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