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LL Cityof CITY COUNCIL COMMUNICATION <br />Louisville AGENDA ITEM 4C <br />COLORADO • SINCE 1878 <br />SUBJECT: APPROVAL OF RESOLUTION NO. 65, SERIES 2023 — A <br />RESOLUTION APPROVING THE ANNUAL BUDGET FOR THE <br />LOUISVILLE REVITALIZATION COMMISSION FOR THE FISCAL <br />YEAR 2024 <br />DATE: NOVEMBER 6, 2023 <br />PRESENTED BY: AUSTIN BROWN, INTERIM ECONOMIC VITALITY MANAGER <br />SUMMARY: <br />The Louisville Revitalization Commission (LRC) must approve a budget each year for <br />the Urban Revitalization District (URD). In accordance with the Cooperation Agreement <br />between the City of Louisville and the LRC, the annual budget proposed by the LRC <br />must be submitted to the Louisville City Council for review and approval prior to final <br />adoption by the LRC. <br />The LRC held a public hearing on its preliminary 2024 Budget on October 18, 2023. <br />After discussion, Commissioners unanimously voted to advance the preliminary 2024 <br />Budget as proposed for City Council approval. The LRC is scheduled to formally adopt <br />a final budget by resolution on November 15, 2023. <br />DISCUSSION: <br />Included as Attachment #1 is a Resolution and 2024 Budget exhibit for Council <br />consideration representing the 2024 funding proposals outlined below. <br />Beginning Fund Balance <br />Staff projects a 2023 ending fund balance of $1,169,592, which is the beginning fund <br />balance for 2024. <br />Revenue <br />Staff has received the preliminary 2023 assessed valuation from Boulder County. This <br />valuation, along with the overlapping mill levies, will determine the amount of property tax <br />revenue received by the URD during 2024. The final assessed valuation will not be <br />available until the end of November, and the amount of overlapping levies will not be <br />certified by Boulder County until December. <br />The URD's preliminary gross assessed valuation increased from the actual $68,423,034 <br />in 2022 to $89,379,873 in 2023. The URD's base assessed valuation increased from <br />$46,214,931 in 2022 to $60,045,453 in 2023. The difference between the gross valuation <br />and the base valuation equals the incremental valuation, which multiplied by the <br />overlapping levies, is the amount of property tax revenue captured by the URD. The <br />URD's incremental assessed valuation for 2023 is $29,334,420. The overlapping levies <br />are estimated at 96.236 mills. Multiplying these amounts, and accounting for Boulder <br />CITY COUNCIL COMMUNICATION <br />24 <br />