Title
Request to set November 24, 2020 as the Public Hearing date for consideration of adopting the proposed 2021 Colorado Springs Marketplace at Austin Bluffs 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 Marketplace at Austin Bluffs 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 $236,825 for required debt service payments and related expenditures. Sources of funds for the District are property taxes of $248,000, specific ownership taxes of $29,284, interest income of $5,000, and an estimated beginning 2021 fund balance of $226,159. Property tax revenue is based upon a mill levy of 50.000 mills and preliminary assessed valuation of $5,061,220. The 2020 levy of 50.000 mills for taxes payable in 2021 is unchanged from the 2020 budget. This is a commercial district with no residential properties.
Background:
City Council sits as the Board of Directors for each of the General Improvement Districts and is required to conduct a public hearing and adopt an annual budget for the district. Pursuant to State statute, the Board must be provided a proposed budget on or before October 15 of each year.
The remaining principal balance of the bonds as of December 31, 2021 is projected to be $1,800,000. The bonds for this Dist...
Click here for full text