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 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 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 2021 mill levy, adopt the proposed 2022 budget, and appropriate the 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 $34,937 for required audit, public notice postage and printing fees, and closeout costs related to the 2022 dissolution of this GID. Sources of funds for the District are interest income of $500 and estimated beginning 2022 fund balance of $34,437. With the payoff of existing bond debt in December 2020, the 2022 mill levy of 0.00 mills is unchanged from the 2021 mill levy of 0.000 mills.
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 budget, and appropriate the funding for the district. The date of the public hearing was established by the Board on October 12, 2021, and legal notice was published on October 30, 2021.
The bond issue for this GID was paid off in December 2020, therefore once proper public notice is complete this District can be dissolved, which is estimated to occur in early 2022.
Previous Council Action:
City Council original...
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