Title
A Public Hearing on the Budget for the Colorado Springs Marketplace at Austin Bluffs General Improvement District, Colorado Springs, Colorado, for the Calendar Year Beginning on the First Day of January 2022 and Ending on the Last Day of December 2022
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
Council sits as the Board of Directors of the Colorado Springs Marketplace at Austin Bluffs 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 2021 mill levy, adopt the proposed 2022 budget, and appropriate funding for the 2022 budget year. Each resolution will be presented separately for a motion by Council as the Board. A copy of the proposed 2022 budget was provided to the Board of Directors on October 12, 2021. A boundary map of this GID is attached for reference.
The attached budget proposes a total appropriation of $333,500 for required debt service payments and related expenditures. This includes an additional principal payment on the bonds of $100,000, for a total principal payment in 2022 of $210,000. By including the additional payment, there will be a reduction of interest paid for the remainder of the term of approximately $169,000. Sources of funds for the District are property taxes of $265,200, specific ownership taxes of $31,300, interest income of $2,200, and an estimated beginning 2022 fund balance of $278,099. Property tax revenue is based upon a mill levy of 50.000 mills and preliminary assessed valuation of $5,467,460. The 2021 levy of 50.000 mills for taxes payable in 2022 is unchanged from the 2021 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, set and certify the mill levy, adopt an annual...
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