Revitalization Commission Agenda and Packet 2024 04 17

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cityOf LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO -SINCE 1878 SUBJECT: 2023 BUDGET CARRY -FORWARDS DATE: APRIL 17, 2024 PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER SUMMARY: Every year, the Louisville City Council and the Louisville Revitalization Commission each create budgets for their operations. These budgets are independent of one another and created to support each entity's goals and objectives. The LRC and City Council often work together to partner on incentives and infrastructure projects. There were multiple projects with allocated appropriations that were approved in 2023 and put in the LRC budget that for various reasons were not started or completed in 2023. In order to keep these projects and priorities moving forward, these funding items need to be carried forward into the 2024 budget. The budget carry -forward items include undergrounding of utility lines, the downtown vision plan, electric vehicle charging stations and incentive agreements. The LRC amendment is scheduled to go before City Council for adoption on May 7t" 2024. DISCUSSION: The budget carry -forward amendments are for ongoing projects, existing incentive agreements and other City of Louisville and LRC priority projects. These carry -forward amendments are for priority infrastructure upgrades, that allow the LRC to take advantage of ongoing and new construction as well as existing incentive agreements. The proposed budget carry -forwards were approved in the LRC's 2023 budget and total $2,205,017. This carry -forward will bring the total 2024 LRC budget to $4,574,297. RECOMMENDATION: The Louisville Revitalization Commission approves the carry -forward budget items, totaling $2,205,017. ATTACHMENTS: 1. Adjustments to 2024 Urban Revitalization Budget 2. Resolution Amending the 2024 Budget by Amending Appropriations in the Louisville Revitalization Commission