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Cltyof LOUISVILLE REVITALIZATION <br />Louisville COMMISSION <br />COLORADO -SINCE 1878 <br />SUBJECT: RESOLUTION 21-09: <br />FISCAL YEAR 2021 1 <br />DISTRICT <br />DATE: OCTOBER 13, 2021 <br />AMENDING THE ANNUAL BUDGET FOR <br />OR THE URBAN REVITALIZATION <br />PRESENTED BY: KEVIN WATSON, LOUISVILLE FINANCE DIRECTOR <br />MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />The Louisville Revitalization Commission (LRC) adopted its 2021 Budget on December <br />9, 2020. The LRC must approve all budget amendments for the Urban Revitalization <br />District (URD). Over the course of this year, there were changes to several revenue and <br />expenditure items. As such, Finance Director Watson prepared an amended 2021 <br />Budget for LRC's consideration at the Commission's September 8, 2021 meeting. A <br />public hearing was also held on this date to solicit any input on the proposed <br />amendments. <br />The LRC agreed with the amendment and directed staff to advance the amended 2021 <br />Budget to City Council for approval. Any amendments to the LRC budget must be <br />approved by the City Council in accordance with the Cooperation Agreement between <br />the parties. <br />DISCUSSION: <br />Louisville City Council approved the proposed 2021 Budget Amendment for the Urban <br />Revitalization District on September 21, 2021. This item is before the LRC for final <br />approval, including Resolution 21-09 (Attachment #1) and the Budget Amendment <br />Exhibit (Attachment #2). <br />The 2021 budget amendment includes changes to both revenues and expenditures, <br />which are routine or reflect additional financial commitments made by the LRC during <br />the fiscal year, as summarized below. <br />• Adjustments to revenues for property tax and interest earnings, which reflects the <br />differences between initial estimates and actual revenues from the County <br />Assessor. <br />• Reduction in the Support Services payment to the City, based on assessment of <br />staff and legal hours spent on LRC activities ($45,000). <br />• Commitment to the South Street Gateway Art project being implemented by the <br />Louisville Cultural Council ($11,500). <br />• Commitment to Patio Parklet Enhancements ($81,000). <br />• Adjustments to the revenue -sharing agreements (Tri-Party and Louisville Fire <br />Protection District) also based on actual amounts from the County. <br />Agenda Packet P. 9 <br />