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L Cltyof LOUISVILLE REVITALIZATION <br />Louisville COMMISSION <br />COLORADO -SINCE 1878 <br />SUBJECT: 2022 YEAR-END EXPENDITURES AND 2024-2031 LONG-TERM <br />FINANCIAL PROJECTIONS <br />DATE: OCTOBER 12, 2022 <br />PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST <br />KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />Staff has prepared an updated year-end expenditure based on the LRC's actual spending <br />as of August 31, 2022. Attachment #1 includes the current 2022 budget, the actual <br />spending as of August 31, and the projected 2022 expenditures. <br />The 2022 expenditures have been updated to include new financial commitments that <br />have been made by the LRC in 2022, including: <br />• Utility Undergrounding, $187,000; <br />• Griffith and Pine Sidewalk Improvements, $16,500; <br />• Patio Parklet Enhancements, $80,000; <br />• Front Street Sidewalk Connectivity Improvements, $100,000; and <br />• Bottle Filling Station and Brick Replacement, $15,000. <br />Several items previously budgeted by the LRC for 2022 have also been adjusted slightly <br />based on actual pricing or amended agreements, including: <br />• Removal of district wayfinding signage <br />• Adjustments to revenues (property tax and interest earnings); <br />• Revenue -sharing agreements (Tri-Party and Louisville Fire Protection District); <br />• Principal payments for bonds from the original budget estimate in 2020; and <br />• Professional services and investment fees. <br />Based on these updated estimates, the 2022 ending fund balance is anticipated to be <br />$2,918,779. <br />Attachment #1 also includes the projected beginning and ending fund balances for 2023 <br />— 2032. These projections are based on expected revenues and commitments. <br />2022 — 2032 Financial Projections <br />Finance Director Kevin Watson prepared financial projections for the Urban Renewal <br />District covering fiscal years 2022 through 2032. Many assumptions have been made to <br />generate the following long-term financial projections. The most important assumptions <br />for generating revenue projections, and for some expenditure projections, are those <br />related to the District's assessed valuation. <br />Agenda Packet P. 9 <br />