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CXtYof LOUISVILLE REVITALIZATION <br />Louisville COMMISSION <br />COLORADO -SINCE 1.878 <br />SUBJECT: DISCUSSION/DIRECTION- 2021 PRELIMINARY BUDGET <br />DATE: SEPTEMBER 9, 2020 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />The Louisville Revitalization Commission (LRC) must approve a budget each year for the <br />Urban Revitalization District (URD). The annual budget proposed by the LRC is then <br />submitted to the Louisville City Council for review and approval prior to final LRC adoption. <br />DISCUSSION/DIRECTION: <br />Staff hoped to present the LRC with a preliminary 2021 budget. Unfortunately, the <br />preliminary assessed valuation information has not yet arrived from the Boulder County <br />Assessor. Usually this is received in late August in order to prepare the LRC budget, since <br />the valuation drives revenue and therefore planned activity for the Commission. Without <br />the ability to present a preliminary budget, staff will still be available at the meeting to <br />discuss budget priorities and receive direction from Commissioners on what should be <br />incorporated in the 2021 preliminary budget. <br />Given the timing of assessed valuation information, staff currently anticipates the <br />following tentative schedule for budget adoption: <br />• September 9, 2020: LRC discussion on potential 2021 expenditures <br />o LRC holds public hearing on amending the 2020 Budget <br />• October 14, 2020: Staff will provide follow-up on expenditure feedback received in <br />September <br />• October XX, 2020: Staff recommends a special meeting in late October to present <br />the 2021 preliminary budget, including the assessed valuation and LRC priorities <br />• November 17, 2020: City Council approval of proposed 2021 Budget <br />• December 9, 2020: LRC adopts proposed 2021 Budget <br />Planned Budget Expenditures <br />A number of expenditures that are part of the LRC's annual budget are prior commitments <br />or obligations from agreements. These expenditures therefore shape LRC's ability to <br />pursue other priority projects. Below is a summary of expenditures staff already <br />anticipates will be part of the 2021 preliminary budget: <br />Support Services are payments to the City of Louisville for services such as <br />accounting, budget, revenue collection, disbursements, debt administration, and <br />general administration. The 2020 budget for this item was $60,000. <br />Agenda Packet P. 12 <br />