Revitalization Commission Agenda and Packet 2021 11 10

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Cltyof LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO -SINCE 1878 SUBJECT: RESOLUTION 21-10: ADOPTING THE LOUISVILLE REVITALIZATION COMMISSION'S BUDGET FOR THE FISCAL YEAR 2022 DATE: NOVEMBER 10, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The Louisville Revitalization Commission (LRC) must approve a budget each year. In accordance with the Cooperation Agreement between the City of Louisville and the LRC, the annual budget proposed by the LRC was reviewed and approved by the City Council on November 1, 2021. DISCUSSION: Included as Attachment #1 is Resolution 21-10 and the budget exhibit, by which the LRC can approve the 2022 Budget as proposed. The below narrative is a summary of the prior LRC discussions about the next fiscal year budget. Beqinninq Fund Balance Staff projects a 2021 ending fund balance of $2,594,310 which is the beginning fund balance for 2022. Staff has received the preliminary 2021 assessed valuation from Boulder County. This valuation, along with the overlapping mill levies, determines the amount of property tax revenue received by the URD during 2022. The final assessed valuation will not be available until the end of November, and the amount of overlapping levies will not be certified by Boulder County until December. The URD's preliminary gross assessed valuation increased from the actual $66,853,188 in 2020 to $72,998,731 in 2021. The URD's base assessed valuation increased from $44,371,622 in 2020 to $48,150,638 in 2021. The difference between the gross valuation and the base valuation equals the incremental valuation, which multiplied by the overlapping levies, is the amount of property tax revenue captured by the URD. The URD's incremental assessed valuation for 2021 is $24,848,093. The overlapping levies are estimated at 94.068 mills. Multiplying these amounts, and accounting for Boulder County's collection fee, results in an estimated property tax revenue of $2,302,350 for 2022. Interest Earnings are currently proposed at $34,060 for 2022. This amount will be adjusted up or down depending on the final amount, and timing, of budgeted expenditures. Agenda Packet P. 9