Title
Request to set November 9, 2021 as the Public Hearing date for consideration of adopting the proposed 2022 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 9, 2021 as the Public Hearing date for consideration of the proposed 2022 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 2022 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 $1,783,560 for required debt service payments and related expenditures. This includes an additional principal payment on the bonds of $1,210,000, for a total principal payment in 2022 of $1,725,000. This additional principal payment of $1,210,000 will result in the bonds being paid off eight years early in December 2022, and interest savings of approximately $1,003,144. Sources of funds for the District are property taxes of $631,100, specific ownership taxes of $74,000, interest income of $11,200, and an estimated beginning 2022 fund balance of $1,078,374. The 2021 levy of 4.500 mills for taxes payable in 2022 is a reduction from the 2020 levy of 12.000 mills for taxes payable in 2021. The reduced revenue received as a result of the lower mill levy, along with anticipated fund balance at the end of 2021, will fund the remaining and final debt service payment of $1,776,060 (principal and interest) in 2022, along with residual audit and service fees into 2023.
Background:
City Co...
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