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Dos Rios GID board sets 2025 GID budget, proposes 7-mill levy and transfers capital funds toward debt service
Summary
The City acting as the Dos Rios General Improvement District board adopted the GIDs 2025 budget and certified a proposed 7-mill levy to fund debt service; staff noted the capital fund beginning balance (~$530,460) and a proposed transfer of $553,412 to help cover 2025 debt service, and recommended updating the development plan and financial model to assess long-term financing.
At the conclusion of the council meeting on Dec. 4, the council convened as the City of Grand Junction Dos Rios General Improvement District (GID) board and adopted the districts 2025 budget and a tax levy resolution.
GID Treasurer Jody Welch summarized the district's purpose (debt issued to build infrastructure in Dos Rios in 2019; improvements completed in 2021) and outlined the three-fund structure for 2025: a revenue fund (no budgeted expenditures in 2025 due to insufficient projected revenues), a capital fund (beginning balance shown at about $530,460) and a debt service fund. Staff proposed using remaining bond proceeds in the capital fund and a $553,412 transfer toward debt service; council had previously approved an $84,000 contribution from the sales tax capital improvement fund for GID debt service.
Welch also told the board it is prudent to update the development plan and the financial model to reflect current development projections so both the GID board and city council have accurate information about future revenues and potential mill-levy adjustments. The board proposed keeping the general property tax mill levy low to incentivize development and cited a 7-mill proposal consistent with prior direction.
Director Kennedy moved to adopt Resolution No. 02-2024 (2025 GID budget) and Resolution No. 03-2024 (levying taxes for 2024 in the GID); Director Simpson seconded. The board adopted both resolutions by unanimous vote, 7 to 0.
Staff noted that financial-model updates may show the board needs to reassess the mill levy or request city participation in future debt service if assessed values do not produce sufficient revenues.
