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HomeMy WebLinkAboutFURA 2025-03 FURA Adopting the Annual Budget and Appropriating Expenditures for the 2026 Fiscal Year 10-16-2025I [$W•r r j ri. If I i r, rrr,rr i1r s r ., a R • • .r ( q WHEREAS, the proposed annual budget for the Firestone Urban Renewal Authority (the "Annual Budget") for the fiscal year beginning January 1, 2026 and ending December 31, 2026 (the "Fiscal Year 2026") attached as Exhibit A and incorporated herein by reference, has been prepared and submitted to the Board of Commissioners; and WHEREAS, the Annual Budget contains all of the matters required by law and is in balance as required by law; and WHEREAS, a public hearing has been held on the Annual Budget following public notice of the same; NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE FIRESTONE URBAN RENEWAL AUTHORITY: Section 1. The Annual Budget is hereby approved and adopted. Section 2. Moneys are hereby appropriated for the Fiscal Year 2026 as provided in the Annual Budget. Section 3. The Recording Secretary and the Treasurer of the Firestone Urban Renewal Authority are hereby directed to file a certified copy of the 2026 Annual Budget with the office of the Division of Local Government, Department of Local Affairs, State of Colorado, as required by C.R.S. § 29-1-101, et seq. INTRODUCED, READ AND ADOPTED this 15th day of October, 2025. C;,S T: Missy Carranco, Recording Secretary FIRESTONE URBAN RENEWA , AUTHORITY By: att Holcomb, Chairperson Arno ll Exhibit A Annual Budget [attached] FURA - Southern Fund Summary 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Revenue Taxes $ 112,001 $ 111,093 $ 114,974 $ 137,808 Total Revenue 112,001 111,093 114,974 137,808 Expenditures: Personnel 228,589 270,190 223,317 288,795 Purchased Services 77,543 76,875 78,987 94,436 Total Expenditures 306,132 347,065 302,304 383,231 Excess/(Deficiency) of Revenues Over Expenditures (194,131) (235,972) (187,330) (245,423) Other Financing Sources/(Uses): Transfers In 225,000 250,000 250,000 200,000 Total Other Financing Sources/(Uses) 209,740 250,000 250,000 200,000 Net Change In Fund Balance: 15,609 14,028 62,670 (45,423) Cumulative Fund Balance Beginning Fund Balance 3,567 - 19,176 81,846 Ending Fund Balance 19,176 14,028 81,846 36,423 Less Restrictions, Commitments, & Assignments: Committed Fund Balance FURA Improvements 19,176 14,028 81,846 36,423 Unassigned Fund Balance $ - $ - $ - $ - Revenue, Expenditures & Unassigned Fund Balance 2025 2026 Year -End Proposed Forecast Budget sastea Total Expenditures Unassigned Fund Balance Operating Revenue Budget By Category Taxes 100% M 11 Operating Expenditure Budget By Category --- Purchased Services 25% Personnel 75% Revenue Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Taxes Property Tax 112,001 111,093 114,974 137,808 Total Taxes 112,001 111,093 114,974 137,808 Total Revenues $ 112,001 $ 111,093 $ 114,974 $ 137,808 Expenditure Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Personnel Regular Wages 162,787 196,932 160,423 206,533 Stipend 75 75 78 105 Overtime 459 100 900 100 Medicare 2,369 2,856 2,217 2,994 Unemployment Insurance 380 591 273 621 Retirement Contributions 25,328 29,107 23,903 30,587 Medical Benefits 35,956 38,920 34,434 46,170 Life/Disability Benefits 1,235 1,609 1,089 1,685 Total Personnel 228,589 270,190 223,317 288,795 Purchased Services General Services 77,543 76,875 78,987 94,436 Total Purchased Services 77,543 76,875 78,987 94,436 Total Expenditures $ 306,132 $ 347,065 $ 302,304 $ 383,231 FURA- Northern Fund Summary 2024 2025 2025 Audited Adopted Year -End Amounts Budget * Forecast Revenue: Taxes $ 5,157,801 $ 3,819,731 $ 3,970,514 $ Other Revenue 109,036 61,987 68,011 Total Revenue 5,266,837 3,881,718 4,038,525 Expenditures: Personnel 1,315,083 Purchased Services 3,689,216 Supplies/Non-Capital Equipment 34,127 Capital Outlay 53,520 Other Expenditures 3,690 Total Expenditures 5,095,636 Excess/(Deficiency) of Revenues Over Expenditures 171,201 Other Financing Sources/(Uses): Transfers In - Total Other Financing Sources/(Uses) - Net Change In Fund Balance: 171,201 Cumulative Fund Balance Beginning Fund Balance 1,181,821 Ending Fund Balance 1,353,022 Less Restrictions, Commitments & Assignments: Committed Fund Balance FURA Improvements 1,353,022 Unassigned Fund Balance $ - $ * Amounts include budget amendments made to the 2025 adopted budget 2026 Proposed Budget 3,984,798 62,868 4,047,666 1,622,733 1,330,969 1,691,781 2,752,853 2,840,619 2,844,933 45,000 45,000 45,000 1,901,480 32,000 2,136,000 4,100 4,100 12,550 6,326,166 4,252,688 6,730,264 (2,444,448) (214,163) (2,682,598) 1,130,000 1,130,000 500,000 1,130,000 1,130,000 500,000 (1,314,448) 915,837 (2,182,598) 1,353,022 1,353,022 2,268,859 38,574 2,268,859 86,261 38,574 2,268,859 86,261 - $ - $ Revenue, Expenditures & Unassigned Fund Balance 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 _._.. _..., .. 3,000,000 2,000,000 -- ....... .. . 1,000,000 __ . ._ 2024 Audited Amounts Total Revenue 2025 2026 Year -End Proposed Forecast Budget ssseae Total Expenditures Unassigned Fund Balance Operating Revenue Budget By Category Taxes 98% Other Revenue Personnel 25% Revenue Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget * Forecast Budget Taxes Property Tax 5,157,801 3,819,731 3,970,514 3,984,798 Total Taxes 5,157,801 3,819,731 3,970,514 3,984,798 Other Revenue Interest Earnings 109,036 61,987 68,011 62,868 Total Other Revenue 109,036 61,987 68,011 62,868 Total Revenues $ 5,266,837 $ 3,881,718 $ 4,038,525 $ 4,047,666 Expenditure Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget * Forecast Budget Personnel Regular Wages 953,426 1,162,557 978,092 1,233,255 Overtime 3,222 4,903 752 4,903 Stipend 375 375 453 630 Medicare 15,136 17,722 14,751 17,881 Unemployment Insurance 2,206 3,489 1,676 3,698 Retirement Contributions 148,359 172,518 145,731 182,646 Medical Benefits 168,458 217,304 148,674 201,323 Life/Disability Benefits 7,220 9,465 6,440 10,045 Training/Registration 167 6,400 6,400 6,400 Dues/Fees 14,498 21,000 21,000 21,000 Mileage/Travel 2,016 7,000 7,000 10,000 Total Personnel 1,315,083 1,622,733 1,330,969 1,691,781 Purchased Services Professional Services - - - 1,000 Legal Services 72,247 90,000 90,000 90,000 Technical Services 10,647 15,350 15,350 17,750 General Services 3,606,322 2,647,503 2,735,269 2,736,183 Total Purchased Services 3,689,216 2,752,853 2,840,619 2,844,933 Supplies/Non-Capital Equipment Leases/Rentals 28,258 35,000 35,000 35,000 Marketing and Promotional Materials 5,869 10,000 10,000 10,000 Total Supplies/Non-Capital Equipment 34,127 45,000 45,000 45,000 Capital Outlay Capital Equipment - - - 7,000 Capital Improvement Projects 53,520 1,901,480 32,000 2,129,000 Total Capital Outlay 53,520 1,901,480 32,000 2,136,000 Other Food and Related Services 390 800 800 4,000 Sponsorships 3,300 3,300 3,300 3,300 Total Other Expenditures 3,690 4,100 4,100 12,550 Total Expenditures $ 5,095,636 $ 6,326,166 $ 4,252,688 $ 6,730,264 FURA - Central Fund Summary 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Revenue: Taxes $ 4,609,010 $ 4,819,109 $ 4,899,713 $ 6,364,443 Other Revenue 73,505 41,199 88,799 74,443 Total Revenue 4,682,515 4,860,308 4,988,512 6,438,886 Expenditures: Personnel 744,847 914,990 734,783 949,596 Purchased Services 3,630,044 3,852,311 3,884,868 5,045,231 Supplies/Non-Capital Equipment 16,976 21,300 21,300 21,300 Capital Outlay - - - 6,000 Other Expenditures 491 600 600 5,800 Total Expenditures 4,392,358 4,789,201 4,641,551 6,027,927 Excess/(Deficiency) of Revenues Over Expenditures 290,157 71,107 346,961 410,959 Other Financing Sources/(Uses): Transfers In - - 1,250,000 - Transfers Out - - (325,540) - Economic Incentives - - - (1,250,000) Total Other Financing Sources/(Uses) - - 924,460 (1,250,000) Net Change In Fund Balance: 290,157 71,107 1,271,421 (839,041) Cumulative Fund Balance Beginning Fund Balance 697,424 987,581 987,581 2,259,002 Ending Fund Balance 987,581 1,058,688 2,259,002 1,419,961 Less Restrictions, Commitments & Assignments: Committed Fund Balance FURA Improvements 987,581 1,058,688 2,259,002 1,419,961 Unassigned Fund Balance $ - $ - $ - $ - Revenue, Expenditures & Unassigned Fund Balance 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 2024 Audited Amounts Total Revenue 2025 Year -End Forecast sasasa Total Expenditures Operating Revenue Budget By Category Taxes 99% Purchased Services 2026 Proposed Budget Unassigned Fund Balance Other Revenue 1% Operating Expenditure Budget By Category Personnel 19% Capital Outlay 0% Other Expenditures <1% Revenue Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Taxes Property Tax 4,609,010 4,819,109 4,899,713 6,364,443 Total Taxes 4,609,010 4,819,109 4,899,713 6,364,443 Other Revenue Interest Earnings 73,505 41,199 88,799 74,443 Total Other Revenue 73,505 41,199 88,799 74,443 Total Revenues $ 4,682,515 $ 4,860,308 $ 4,988,512 $ 6,438,886 Expenditure Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Personnel Regular Wages 547,312 668,107 552,042 707,406 Overtime 1,344 2,724 378 2,724 Stipend 225 225 293 420 Medicare 9,186 10,557 8,892 10,257 Unemployment Insurance 1,273 2,006 945 2,126 Retirement Contributions 85,463 99,438 82,614 104,766 Medical Benefits 92,309 121,373 80,996 111,016 Life/Disability Benefits 4,066 5,450 3,513 5,771 Training/Registration - 310 310 310 Dues/Fees 2,543 2,800 2,800 2,800 Mileage/Travel 1,126 2,000 2,000 2,000 Total Personnel 744,847 914,990 734,783 949,596 Purchased Services Professional Services - - - 100 Legal Services 8,653 45,000 45,000 45,000 Technical Services 5,324 7,800 7,800 10,500 General Services 3,616,067 3,799,511 3,832,068 4,989,631 Total Purchased Services 3,630,044 3,852,311 3,884,868 5,045,231 Supplies/Non-Capital Equipment Leases/Rentals 14,129 17,000 17,000 17,000 Marketing and Promotional Materials 2,847 4,300 4,300 4,300 Total Supplies/Non-Capital Equipment 16,976 21,300 21,300 21,300 Capital Outlay Capital Equipment - - - 6,000 Total Capital Outlay - - - 6,000 Other Expenditures Food and Related Services 191 300 300 1,000 Sponsorships 300 300 300 300 Other - - - 4,500 Total Other Expenditures 491 600 600 5,800 Total Expenditures $ 4,392,358 $ 4,789,201 $ 4,641,551 $ 6,027,927 FURA - Big Horn Fund Summary 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Revenue Taxes $ 5,354,073 $ 1,759,022 $ 1,805,198 $ 944,717 Other Revenue 421,193 242,023 342,820 230,198 Total Revenue 5,775,266 2,001,045 2,148,018 1,174,915 Expenditures: Personnel 182,993 200,171 173,847 214,867 Purchased Services 2,959,460 1,013,032 1,013,073 551,871 Other Expenditures 13 100 100 200 Total Expenditures 3,142,466 1,213,303 1,187,020 766,938 Excess/(Deficiency) of Revenues Over Expenditures 2,632,800 787,742 960,998 407,977 Other Financing Sources/(Uses): Transfers Out (286,170) (2,412,803) (2,412,888) (700,000) Total Other Financing Sources/(Uses) (286,170) (2,412,803) (2,412,888) (700,000) Net Change In Fund Balance: 2,346,630 (1,625,061) (1,451,890) (292,023) Cumulative Fund Balance Beginning Fund Balance 5,239,431 7,586,061 7,586,061 6,134,171 Ending Fund Balance 7,586,061 5,961,000 6,134,171 5,842,148 Less Restrictions, Commitments & Assignments: Committed Fund Balance FURA Improvements 7,586,061 5,961,000 6,134,171 5,842,148 Unassigned Fund Balance $ - $ - $ - $ - Revenue, Expenditures & Unassigned Fund Balance 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 2024 2025 2026 Audited Year -End Proposed Amounts Forecast Budget Total Revenue wsee Total Expenditures Unassigned Fund Balance Operating Revenue Budget By Category Other Revenue 20% Taxes a. s, Operating Expenditure Budget By Category Purchased Services 72% Personnel 28% her Expenditures <1% Revenue Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Taxes Property Tax 5,354,073 1,759,022 1,805,198 944,717 Total Taxes 5,354,073 1,759,022 1,805,198 944,717 Other Revenue Investment Earnings 421,193 242,023 342,820 230,198 Total Other Revenue 421,193 242,023 342,820 230,198 Total Revenues $ 5,775,266 $ 2,001,045 $ 2,148,018 $ 1,174,915 Expenditure Detail 2024 2025 2025 2026 Audited Adopted Year -End Proposed Amounts Budget Forecast Budget Personnel Regular Wages 137,686 150,524 132,320 164,617 Stipend 123 120 115 150 Medicare 3,322 3,159 3,189 2,387 Unemployment Insurance 325 453 227 495 Retirement Contributions 22,271 23,023 20,646 24,378 Medical Benefits 18,019 20,480 15,425 19,886 Life/Disability Benefits 905 1,232 745 1,344 Training/Registration - 310 310 310 Dues/Fees 263 270 270 300 Mileage/Travel 79 600 600 1,000 Total Personnel 182,993 200,171 173,847 214,867 Purchased Services Legal Services 5,931 45,000 45,000 45,000 General Services 2,953,529 968,032 968,073 506,871 Total Purchased Services 2,959,460 1,013,032 1,013,073 551,871 Other Expenditures Food and Related Services 13 100 100 200 Total Other Expenditures 13 100 100 200 Total Expenditures $ 3,142,466 $ 1,213,303 $ 1,187,020 $ 766,938