Title
Request to set November 8, 2022 as the Public Hearing date for consideration of adopting the proposed 2023 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 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 $325,850 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 2023 of $215,000. By including the additional payment, there will be a reduction of interest paid for the remainder of the term of approximately $228,800, and payoff of the bonds one year earlier than originally scheduled. Sources of funds for the District are property taxes of $267,000, specific ownership taxes of $31,500, interest income of $5,900, and an estimated beginning 2023 fund balance of $244,686. Property tax revenue is based upon a mill levy of 50.000 mills and preliminary assessed valuation of $5,505,350. The 2022 levy of 50.000 mills for taxes payable in 2023 is unchanged from the 2022 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 a...
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