HomeMy WebLinkAbout139 - 11/21/2023 - APPROVING THE FISCAL YEAR 2024 BUDGET, AND BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLORDINANCE NO.139,2023
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE FISCAL YEAR 2024 BUDGET,AND BEING
THE ANNUAL APPROPRIATION ORDINANCE FOR THE
FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY,
AND FIXING THE MILL LEVY FOR THE DOWNTOWN DEVELOPMENT
AUTHORITY-FOR PROPERTY TAXES PAYABLE FISCAL YEAR 2024
WHEREAS,the Fort Collins Downtown Development Authority (the “DDA”)has been
duly organized in accordance with the Colorado Revised Statutes (“C.R.S.”)Section 31-25-804;
and
WHEREAS,on September 8,1981,the City Council adopted Resolution 81-129 approving
DDA’s original Plan of Development dated July 1981,which Plan has been amended several times
since 1981 (the “DDA Plan of Development”);and
WHEREAS,on September 14,2023,DDA Board of Directors (the “DDA Board”),acting
under the provisions of C.R.S.Section 31-25-816,adopted a proposed and recommended DDA
budget for the fiscal year beginning January 1,2024,as reflected in DDA Board Resolutions 2023-
05,2023-06,2023-07 and 2023-08 (the “Budget”),and determined the mill levy necessary to
provide for payment during fiscal year 2024 of properly authorized operational and maintenance
expenditures to be incurred by the DDA;and
WHEREAS,the DDA anticipates receiving in 2024 tax increment revenues of
approximately $9,007,537 and approximately $963,944 in revenues from its five-mill property tax
for the DDA’s operational and maintenance expenditures;and
WHEREAS,it is the desire of the Council to appropriate the sum of TWENTY-SIX
MILLION,THREE HUNDRED FORTY FOUR THOUSAND,THREE HUNDRED THREE
DOLLARS ($26,344,303)from the DDA Operation and Maintenance Fund and the DDA Debt
Service Fund for the fiscal year beginning January 1,2024,and ending December 31,2024,to be
used as follows:
DDA Public/Private Investments &Programs (O&M Fund)$6,435,066
DDA Operations &Maintenance (O&M Fund)1,477,626
2024 Revolving Line of Credit Draws 9,000,000
DDA Debt Service Fund 9,431.611
Total $26,344,303
and
WHEREAS,the DDA Board,as reflected in DDA Board Resolution 2023-04,has
recommended to the Council that pursuant to C.R.S.Section 31 25 817 the Council set a mill levy
of five (5)mills upon each dollar of assessed valuation on all taxable property within the DDA
District,such levy representing the amount of taxes necessary to provide for payment during the
2024 fiscal year for all properly authorized operational and maintenance expenditures to be
incurred by the DDA;and
WHEREAS,the amount of this proposed mill levy is not an increase over prior years and,
as such,prior voter approval of the proposed levy is not required under Article X,Section 20 of
the Colorado Constitution;and
WHEREAS,if a majority of voters approve the ballot issue identified as Proposition HH
and for fiscal year 2024 only,Colorado Revised Statutes (“C.R.S.”)Section 39-5-128(l)(b)
requires certification of this tax levy to the Board of County Commissioners no later than January
5,2024,but beginning fiscal year 2025,such certification shall occur no later than December 15th
of that year and by December 15th in all subsequent years;however,if Proposition HH is not
approved,the certification of the tax levy shall occur no later than December 15th of each year.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS,as follows:
Section 1.That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2.That the City Council hereby approves the Budget as provided in C.R.S.
Section 31-25-816(1).
Section 3.That there is hereby appropriated for fiscal year 2024 for expenditure from
the DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of SIX MILLION,FOUR HUNDRED
THIRTY-FIVE THOUSAND,SIXTY-SIX DOLLARS ($6,435,066),to be expended to fund the
payment of the DDA-related obligations that have been entered into or will be entered into in
furtherance of the DDA Plan of Development.
Section 4.That there is also hereby appropriated for fiscal year 2024 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operation and Maintenance the sum of ONE MILLION,FOUR HUNDRED SEVENTY-SEVEN
THOUSAND,SIX HUNDRED TWENTY-SIX DOLLARS ($1,477,626),to be expended for the
authorized purposes of the DDA.
Section 5.That there is hereby appropriated for fiscal year 2024 for expenditure from
the Downtown Development Authority 2024 Line of Credit draws the sum of up to NINE
MILLION DOLLARS ($9,000,000),to be used to finance DDA projects or programs in
accordance with the DDA Plan of Development including the multi-year reimbursement payments,
and capital asset maintenance obligations.
Section 6.That there is hereby appropriated for the fiscal year 2024 for expenditure
from the Downtown Development Authority Debt Service Fund the sum of NINE MILLION,
FOUR HUNDRED THIRTY-ONE THOUSAND,SIX HUNDRED ELEVEN DOLLARS
($9,431,611),for payment of debt service on a previously issued and outstanding bond,and for
payment on the 2024 Line of Credit draws.
Section 7.That the DDA’s mill levy rate for the taxation upon each dollar of the
assessed valuation of all taxable property within the DDA District shall be five (5)mills to be
imposed on the assessed value of such property as set by state law for property taxes payable in
2024,which levy represents the amount of taxes necessary to provide for payment during fiscal
year 2024 of all properly authorized operational and maintenance expenditures to be incurred by
the DDA,as appropriated herein.The City Clerk shall certify said mill levy to the County Assessor
and the Board of County Commissioners of Larimer County,Colorado,no later than January 5,
2024,if a majority of voters approve the ballot issue identified as Proposition HH;however,if
Proposition HH is not approved,the City Clerk shall certify said mill levy no later than December
5,2023.
Introduced,considered favorably on first reading and ordered published this 17th day of
October,2023,and to be presented for final passage on the 21st day of November,2023.
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this 21st day November,20
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