SUBJECT: An Ordinance Providing For The Supplemental Appropriation Of Money In The Amounts And For The Purposes Set Forth Below, For The Town Of Erie Urban Renewal Authority For The 2018 Budget Year
DEPARTMENT: Finance
PRESENTER: Steve Felten
FISCAL INFORMATION:
Cost as Recommended: n/a
Balance Available: n/a
Budget Line Item Number: n/a
New Appropriation Required: Yes
STAFF RECOMMENDATION: Staff recommends the Board of Commissioners approve the ordinance that provides for a supplemental appropriation for the 2018 budget year.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie Urban Renewal Authority adopted the 2018 Budget on December 12, 2017. At least twice yearly, staff reviews the adopted budget and year-to-date actual revenues and expenditures. Based on these reviews, staff requests supplemental appropriations to update the budget to reflect actual revenues and expenditures of the prior and current year, year-to-date Board of Commissioner actions, and projected revenues and expenditures for the remainder of the fiscal year.
Fund Balance: Pending developer reimbursement for the land at 287 & Arapahoe and commencement of tax increment financing related to future urban renewal projects, expenditures of the Authority have been funded through advances from the Town of Erie's General Fund. Total advances from the General Fund were $5.6 million as of December 31, 2017.
Revenues: In preparing the original 2018 budget repayment of $1.3 million of the advance from the General Fund was anticipated in 2018 through a sale of land to Evergreen Development. It is now anticipated that the sale will occur in 2019, assuming resolution of certain litigation. As a result, revenues were reduced $1.3 million in the 2018 budget. In addition, two smaller changes to property taxes (a reduction of $22 thousand) and investment earnings (an increase of $5 thousand) are included in this supplemental request.
Expenditures: The Supplemental Appropriation includes thr...
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