Revitalization Commission Agenda and Packet 2020 12 09

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SUBJECT: APPROVAL OF 2021 BUDGET DATE: DECEMBER 9, 2020 PAGE 2 OF 4 Beginning Fund Balance Staff projects a 2020 ending fund balance of $1,730,128, which is the beginning fund balance for 2021. Revenue Staff has received the preliminary 2020 assessed valuation from Boulder County. This valuation, along with the overlapping mill levies, will determine the amount of property tax revenue received by the URD during 2021. The final assessed valuation is not yet available. The URD's gross assessed valuation increased from $65,711,407 in 2019 to $66,864,504 in 2020. The URD's base assessed valuation decreased from $44,449,036 in 2019 to $43,961,640 in 2020. The difference between the gross valuation and the base valuation equals the incremental valuation, which multiplied by the overlapping levies, is the amount of property tax revenue captured by the URD. The URD's incremental assessed valuation for 2020 is $22,902,864. The overlapping levies are estimated at 92.736 mills. Multiplying these amounts, and accounting for Boulder County's collection fee, results in an estimated property tax revenue of $2,092,050 for 2021. Interest Earnings are currently proposed at $50,000 for 2021. This amount will be adjusted up or down depending on the final amount, and timing, of budgeted expenditures. Expenditures Support Services are payments to the City of Louisville for services such as accounting, budget, revenue collection, disbursements, debt administration, legal services, and general administration. The proposed 2021 budget is $60,000. The LRC has previously committed to a City of Louisville capital project: Undergrounding at Hwy 42/Griffith Street. The Undergrounding work at Hwy 42 was identified as a priority through the City Council Utility Committee and is anticipated to improve service reliability. The project would be funded by a $170,000 contribution from LRC and $500,000 from the 1 % fund with Xcel and is therefore carried into 2021. Under the Tri-Party Agreement, the URD is required to remit 7.15% of net property tax revenue back to Boulder County. The proposed budget for 2021 is $149,580. The LRC and City Council executed an agreement for revenue sharing with the Louisville Fire Protection District in 2020. The first payment required under that agreement will be made in Q1 2021 and will be applied to the 2020 budget. Per the agreement terms, the proposed budget for 2021 is: $54,680. In April 2020, the LRC entered into an Agreement for Public Infrastructure with 824 South, Inc. The agreement provides for a $275,000 rebate based on approved project expenses, Agenda Packet P. 6