Revitalization Commission Agenda and Packet 2024 10 30

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Omcityof Louisville LOUISVILLE REVITALIZATION COMMISSION COLORADO • SINCE 1878 SUBJECT: PUBLIC HEARING: 2025 LRC PROPOSED BUDGET DATE: OCTOBER 30, 2024 PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER SUMMARY: The Louisville Revitalization Commission (LRC) must approve a budget each year for the Urban Revitalization District (URD). The annual budget proposed by the LRC is then submitted to the Louisville City Council for review and approval prior to final LRC adoption. DISCUSSION/DIRECTION: Throughout 2024, Staff and the LRC have been discussing programming and future expenditures for the urban renewal area, to include bonding scenarios to pay for capital improvements throughout the district. This 2025 proposed budget includes programming line items as well as anticipated bond revenues and expenditures. Staff has prepared a schedule for the consideration and approval of the 2024 proposed budget, as follows: • October 30, 2024: Public hearing on proposed 2024 amendment and 2025 budget. This public hearing has been noticed in the Daily Camera. • November 4. 2024: City Council considers approval 2025 budget for the URD. • November 20. 2024: LRC considers approval of the 2025 budget. The LRC budget amendment should be adopted by the end of the year. Attachment #1 is a budget exhibit representing the proposed 2025 budget. Beginning Fund Balance Staff projects a 2025 beginning fund balance of $1,879,561. This assumes the October 30th budget amendment is approved. Revenue Staff has received preliminary assessments from Boulder County. Staff is anticipating low revenue growth from mill levies in 2025, with a revenue of $2,249,755. In addition, we are anticipating Miscellaneous Revenues of $153,899 and Bond Proceeds of $1,000,000. Staff anticipates total revenues of $3,403,654. Expenditures Staff anticipates the predominant expenditures to be programming and debt service for 2025. There are multiple agreements with the City of Louisville that the LRC has filled their financial obligation to (to include undergrounding, lighting, etc.) and we do not have any of those expenditures continuing into the 2025 proposed budget.