Title
Request to set November 8, 2022 as the Public Hearing date for consideration of adopting the proposed 2023 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 8, 2022 as the Public Hearing date for consideration of the proposed 2023 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 2023 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 $17,912 for required required audit and public notice postage and printing fees related to the 2023 dissolution of this GID. Sources of funds for the District are interest income of $1,000 and estimated beginning 2023 fund balance of $16,912. With the payoff of existing bond debt in December 2022, the 2022 levy of 0.000 mills for taxes payable in 2023 is a reduction from the 2021 levy of 4.500 mills for taxes payable in 2022.
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 bond issue for this GID will be paid off in December 2022, therefore once proper public notice is complete this District can be dissolved, which is estimated to occur in 2023.
Previous Council Action:
City Council created this District in 2000 (Ordinance...
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