Revitalization Commission Agenda and Packet 2018 11 13

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11: City,/ im Louisville COLORADO • SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: RESOLUTION 18-01: A RESOLUTION ADOPTING THE ANNUAL BUDGET AND APPROPRIATING EXPENDITURES FOR FISCAL YEAR 2019 DATE: NOVEMBER 13, 2018 PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT SUMMARY: Staff is seeking LRC approval of the 2019 Budget. This memorandum highlights the major components of the 2019 LRC budget. BACKGROUND: An LRC budget must be approved for each fiscal year. The LRC prepares a budget and submits it to the Louisville City Council for review and approval prior to LRC adoption. The LRC should have a final budget version prepared at the November meeting so to send to City Council. The LRC have discussed drafts of the budget at their August 13, 2018, and September 10, 2018 meetings. DISCUSSION: 2019 Revenue Starting Fund Balance - $867,755 — Estimated funds remaining from previous year. Estimated 2019 LRC Revenue - $1,615,382 - The County has provided a preliminary incremental assessment value of $18,448,647 generating $1,615,382 in TIF revenue assuming a mill levy of 87.561. Final assessment numbers will be available in late November. 2019 Estimated Committed Costs The LRC has several ongoing costs to incorporate into the annual budget. Those costs are: • County Payment — $115,500 - LRC is to return 7.15% of TIF proceeds to the County in accordance with the Tri-Party Agreement among the City, County, and LRC. • South Street Gateway obligation — $948,107 - 2019 is a `formula' year for the South Street Gateway IGA to pay half the eligible costs of the South Street Gateway. The amount budgeted represents the total remaining funds to be paid to the City, so this obligation will be paid off in 2019.