Revitalization Commission Agenda and Packet 2022 11 09

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Revitalization Commission Minutes October 12, 2022 Page 2 of 5 Business Matters of Commission: 2022 Year -End Expenditures and 2024-2032 Long -Term Financial Projections Staff presented the 2022 year-end expenditures and 2024-2032 long-term financial projections and noted the new financial commitments made by LRC in 2022 as well as the decrease in the 2022 balance and the new beginning balance for the 2023 budget. Staff also noted that the same methodology was used in the presented projections as has been used in the past and that there is an expected budget increase over time from 2022-2032. Commissioner Williams said she reviewed the budget from last year and it was significantly less for the 2023 projection. She asked for clarification on the $7.5M difference. Staff believes the difference stems from an increase in expenditures and the reduction in property tax valuations due to the Marshal Fire. The Director of Finance has been working with the County Assessor to provide the Finance Committee with information on how the model works and what they foresee for future property valuations. The Assessor's Office will present at the Finance Committee meeting on Monday, October 17, 2022. Commissioner Harald mentioned that there is still funds left in the 2022 budget for Fagade Improvement projects and asked if the commission felt that the proposed budget for this project next year is appropriate. Staff recommended the commission keep the proposed budget for when applications come through so that there isn't a need to go back to City Council for an amendment during the year. It was also noted that the proposed budget was based on Downtown Colorado Inc.'s (DCI) recommendations. Chair Adler asked for a status on the bottle filling station project. The Director of Planning and Building Safety responded that Public Works is working with Parks and Rec and anticipated project completion within the next 30 days. Chair Adler called for commissioner questions — none Chair Adler called for public comment and there was a request to clarify where the property tax base the LRC funds come from. LRC funding comes from district -only taxes. Public Hearing: 2023 LRC Proposed Budget Chair Adler called to open the public hearing at 8:26 am. Staff opened their presentation by stating that the purpose of the hearing was to call for a vote to advance the budget to Council review following today's hearing. Staff shared the proposed budget spreadsheet on the screen for the purpose of commissioner review and real- time changes during the hearing. The final updated budget will be included with these Agenda Packet P. 4