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File #: RES 2019-093    Version: 1 Name:
Type: Resolution Status: Passed
File created: 12/27/2018 In control: Town Council
On agenda: 9/17/2019 Final action: 9/17/2019
Title: Resolution Approving the Castle Rock Downtown Development Authority (CRDDA) Proposed Annual Budget for 2020
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: DDA Budget Message and Draft, 3. DDA Presentation

To:                     Honorable Mayor and Members of Town Council

 

From:                     Trish Muller, CPA, Finance Director

 

Title

Resolution Approving the Castle Rock Downtown Development Authority (CRDDA) Proposed Annual Budget for 2020

 

Body

________________________________________________________________________________

 

Executive Summary

 

In accordance with state statutes and more specifically Section 816 of Title 31, Article 25, the Executive Director of the CRDDA has presented the Board of Directors with a proposed Annual Budget for the fiscal year 2020.  The proposed CRDDA Budget for 2020 is hereby submitted to Town Council for review and approval in accordance with the policies of the Town of Castle Rock.    

 

Discussion

 

Town Council has approved a matching contribution to the revenues collected by imposition of the CRDDA mill levy (3 mills) which will be approximately $177,504 and has been reflected in the proposed CRDDA budget.

 

Budget Impact

 

The impact to the Town will be approximately $177,504 for the mill levy match as accommodated for in the 2020 Town of Castle Rock budget.

 

Staff Recommendation

 

Staff recommends that Town Council approve the resolution as written.

 

Proposed Motion

 

“I move to approve a resolution approving the Castle Rock Downtown Development Authority Annual Budget for 2020.”

 

Attachments

 

Attachment A: Resolution

Exhibit 1: DDA Budget Message and Draft