SUBJECT: PUBLIC HEARING: Ordinance Summarizing Expenditures And Revenues And Adopting A Budget For The Town Of Erie Urban Renewal Authority, For The Calendar Year Beginning The First Day Of January, 2019 And Ending On The Last Day Of December, 2019.
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: No
STAFF RECOMMENDATION: Staff recommends the Board of Commissioners approve the ordinance that adopts the 2019 Budget.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The purpose of this agenda item is for the Budget Officer to submit a proposed 2019 budget to the Commissioners of the Town of Erie Urban Renewal Authority, Colorado. Schedule A includes a summary of expenditures and revenues for the calendar year 2019.
The Board of Commissioners received the proposed 2019 calendar year budget on September 14, 2018 and discussed it at a study session on September 18, 2018.
Comments on key items in the budget follow:
Revenues - The most significant revenue source is $1.3 million in anticipated proceeds arising from a developer payment pursuant to a developer's agreement related to the Nine Mile development. These funds will be used to repay a portion of the advance from the General Fund. Property tax TIF increments for 2019 are not known at this time, but are expected to be above 2018 levels. Property taxes are currently budgeted at $1.1 million and will be adjusted in a supplemental appropriation once they have been determined.
Expenditures - Expenditures are budgeted to be $382 thousand in 2019, compared to $498 thousand in 2018. $244 thousand in legal and consulting fees are budgeted in 2019, a decrease of $43 thousand compared to the 2018 budget. Allocation of personnel expense in the amount of $139 thousand represents the bulk of the remaining expenditures.
ATTACHMENTS:
a. Ordinance 18-______ and attached Schedule A
b. Budget Schedu...
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