Castle Rock district budget proposes $1.1 million transfer, projects no year-end funds
The proposed 2027 budget would cover $1.12 million in expenses with beginning funds and projected property-tax revenue, leaving nothing available at year-end.
The Festival Park Commons General Improvement District’s proposed 2027 budget includes a $1,113,096 transfer out and projects no funds available at year-end. The transfer is $827,690 more than in the district’s 2026 budget and estimate. The proposed budget lists $853,537 in beginning funds available and $263,512 in property-tax revenue, matching the $1,117,049 in proposed expenses, including $3,953 for office administration.
Town staff say the available balance consists primarily of prior-year property-tax revenue that had not yet been transferred, along with estimated 2027 property-tax revenue. The budget labels the $1,113,096 expense only as “Transfers Out” and does not name a recipient. The staff memorandum describes the broader project financing as a way to repay the Town of Castle Rock’s certificates of participation for 308 town-owned public parking spaces. It says the project uses district tax-increment revenues and a Public Improvement Fee, and projects repayment by 2038 under current economic conditions; it does not tie this specific transfer to a particular recipient or payment.
As of Oct. 2, the budget remained a proposal. The Oct. 6 Town Council agenda schedules a district-board meeting to consider adopting the budget, followed by Town Council consideration of ratifying the district budget and mill levy.