To: Honorable Mayor and Members of Town Council
From: Trish Muller, CPA, Finance Director
Title
Resolution Approving the Castle Rock Downtown Development Authority Proposed Annual Budget for 2021
Body
________________________________________________________________________________
Executive Summary
In accordance with Colorado Revised Statutes, §31-25-816, the Executive Director of the Castle Rock Downtown Development Authority (CRDDA) has presented the Board of Directors with a proposed Annual Budget for the fiscal year 2021. The proposed CRDDA Budget for 2021 (Exhibit 1) 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), of approximately $190,000. The proposed CRDDA budget reflects this amount; however, the actual match amount will be based on the final assessed valuation and related mill certification done in December.
Budget Impact
The impact to the Town will be approximately $190,000 for the mill levy match as accommodated for in the 2021 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 proposed annual budget for 2021.
Attachments
Attachment A: Resolution
Exhibit 1: 2021 CRDDA Budget Message and Draft