Revitalization Commission Agenda and Packet 2021 10 13

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Cltyof LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO • SINCE 1878 SUBJECT: PUBLIC HEARING: 2022 LRC PROPOSED BUDGET DATE: OCTOBER 13, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR KEVIN WATSON, FINANCE DIRECTOR SUMMARY: The Louisville Revitalization Commission (LRC) must approve a budget each year for the Urban Revitalization District (URD). The annual budget proposed by the LRC is then submitted to the Louisville City Council for review and approval prior to final LRC adoption. DISCUSSION/DIRECTION: In September, staff shared context on developing the 2022 budget and sought Commissioner input on new initiatives. A number of items that are part of the LRC's annual budget are prior commitments or obligations driven by agreements. Therefore, the LRC's ability to pursue priority projects each year is limited by the increase in revenues and the status of other required expenditures. Staff has prepared a schedule for the consideration and approval of both the 2021 budget amendment and 2022 proposed budget, as follows: • September 8, 2021: LRC held public hearing on 2021 budget amendment and considered preliminary 2022 budget items. • September 21, 2021: City Council approved 2021 budget amendment for the URD. • October 13, 2021: LRC scheduled to take final action on 2021 budget amendment. Staff has also noticed a public hearing on proposed 2022 budget (Daily Camera, October 3, 2021). • November 1, 2021: City Council considers approval of proposed 2022 budget for the URD. • November 10, 2021: LRC considers approval of 2022 budget. The LRC budget must be adopted by the end of the year. Attachment #1 is a budget exhibit representing the 2022 funding proposals outlined below. Beqinninq Fund Balance Staff projects a 2021 ending fund balance of $2,594,310 which is the beginning fund balance for 2022. Please note the estimated ending fund balance is slightly different than the amended budget amount. Agenda Packet P. 13