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The Horizon Drive District was formed in 2004 as a Business Improvement District (BID) under Colorado Statute §31-25-101, which allows Business Improvement Districts to be formed within municipalities of Colorado. As such, the City of Grand Junction oversees the District and appoints the Board of Directors. Under the Colorado Statute, the District is granted the power to levy and collect ad valorem taxes on all taxable commercial property within the boundaries of the District. The tax set by the District is also called a mil levy. The District may levy no more than 5.0 mils (.005) upon every dollar of the valuation assessment of taxable property within the District. The Mesa County Assessor collects the mil levy for the District through property taxes. In September, 2010, to comply with the tax collection standards set by TABOR, the Board of Directors enacted a temporary mil levy rate reduction to temporarily reduce the taxes that will be collected in April, 2011. Despite the reduced tax revenues expected in 2011 by the District, the goals and initiatives selected by the District will be funded within the operating budget. |
The Horizon Drive District is required to submit an annual Operating Plan to the City of Grand Junction. The Operating Plan is generally drafted by the District in September and submitted to the City for review and approval in October. The Operating Plan summarizes the District’s prior year endeavors, sets goals and includes a draft budget for the next year.
The Horizon Drive District is required to submit annual audits and financial statements to the State of Colorado and the City of Grand Junction. The financial statements are prepared by an independent third party accounting firm.
Budgeted revenues are primarily the .005 mil levy collected by Mesa County on the assessed value of commercial real property within the Horizon Drive District. Budgeted expenses are primarily capital re-investment based. A goal of the volunteer Board of Directors is to maintain minimal administrative expenses in order to allow the material portion of annual receipts to be committed to capital re-investment within the District.
The Horizon Drive Business Improvement District was founded in 2004. Organized under Colorado Statute 31-25-1201 et seq., it is a quasi-governmental, nonprofit organization, funded by a mil levy (property tax) on all commercial real and personal properties within the District's boundaries. The tax authorized by the State and levied by the District is a .005 mil levy, which is calculated on assessed value.
By 2009, the District had unintentionally collected excess taxes. After considering the issue, the Board of Directors voted to rebate excess taxes. The result was zero District tax levied in 2009, which is collected in 2010. Despite this vote and reduced revenue in 2010, the District was able to continue to operate the District with the funds previously collected and remain within budget by conservatively limiting expenditures. In tandem with the fiscally conservative policies of the District’s Board, the District substantially increased the service, representation and administrative efficiency by engaging in late 2009 the District Representative, Victoria Patsantaras.
To complete the rebate of excess taxes previously collected, in September, 2010, the District’s Board again enacted a temporary mil levy rate reduction to temporarily reduce the taxes that would be levied in 2010, to be collected in April, 2011. Despite the reduced tax revenues expected in 2011 by the District, the goals and initiatives selected by the District will be funded within the operating budget.
Horizon Drive Thrives in Recession
Copyright © 2011 Horizon Drive District
2012 Operating Plan