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Board reviews new citywide parks fund; staff projects about $5.1 million annually
Summary
Staff presented a new citywide restricted parks fund supported by a 12‑mill voter measure and told the board the fund will generate about $5.1 million annually for parks, trails and open space; the board recommended council approve the 2025 parks expenditures.
City parks staff told the Castle Pines Parks & Recreation Board that a newly created citywide restricted parks fund — funded by a 12‑mill voter measure — will produce a significant annual revenue stream for parks, recreation, open space and trails. "So we have created a new fund because this is now a it is essentially a restricted fund..." the staff member explained, adding the fund combines $4.7 million in base property‑tax revenue with specific‑ownership tax receipts that together approach $5.1 million annually.
Staff walked the board through the fund's 2024 projections, historical transfers and interest earnings (staff cited about $141,500 in projected interest and short‑term yields of roughly 4–5% depending on the account). The presentation also showed how previously restricted Metro District monies have been carried forward; staff said they plan to spend restricted North Metro dollars first so those legacy funds are exhausted in 2025. The board later voted to recommend the city council approve the parks and recreation expenditures for the 2025 budget.
