LEGAL NOTICE
Notice of Public Hearing
Urban Renewal Agency of the City of Chubbuck, Idaho
a/k/a Chubbuck Development Authority
Amended Budget for Fiscal Year 2024
A public hearing for consideration of the Urban Renewal Agency Project amended budget for the fiscal year that begins October 1, 2023 and ends September 30, 2024 will be held in Council Chambers, located at 290 E. Linden Ave, Chubbuck, Idaho, on September 17, 2024, at 5:30 p.m., pursuant to Idaho Code §§ 50-2006(d), 50-2903(5) and 50-1002. Written or oral comments about the proposed budget are welcome. Written comments may be submitted prior to the meeting to: Chubbuck Development Authority, c/o Ashley Squyres, 290 E Linden Ave., Chubbuck, ID 83202.
The Agency budget funds the programs, services, and capital projects that the Agency Board and the City Council have determined to be important to meet the Agency’s strategic goals as described in the adopted urban renewal plans. Agency does not levy property taxes but rather, collects increment revenues generated in accordance with the urban renewal plans.
This public hearing on the proposed amended budget is required for formal adoption of the amended FY 2024 budget. City Hall is accessible to persons with disabilities.
| Fund Name | FY 2022 Budgeted Revenues | FY 2023 Budgeted Revenues | FY 2024 Budgeted Revenues | ||||
| Property Tax Revenue (Increment) | |||||||
| Chubbuck Improvement Revenue Allocation Fund | $ 2,980,000 | $ 2,575,000 | $ 433 | ||||
| Pine Ridge Revenue Allocation Fund | 175,000 | 297,000 | $ 318,000 | ||||
| Northside Crossing Revenue Allocation Fund | 90,000 | 170,000 | $228,500 | ||||
| Harvest Springs Revenue Allocation Fund | – | 20,000 | 40,000 | ||||
| Northgate Revenue Allocation Fund | 7 | ||||||
| Total Property Tax Revenue | $3,245,000 | $3,062,000 | $ 586,940 | ||||
| Revenue Sources Other Than Property Taxes | |||||||
| Chubbuck Improvement Revenue Allocation Fund | 55,000 | 50,000 | 118,000 | ||||
| Pine Ridge Revenue Allocation Fund | – | 5000 | – | ||||
| Northside Crossing Revenue Allocation Fund | – | – | – | ||||
| Harvest Springs Revenue Allocation Fund | – | – | – | ||||
| Fund Balance Carryover & Additional Revenue- Chubbuck Improvement | 1,602,767 | ||||||
| Fund Balance Carryover – Northside Crossing | 250,643 | ||||||
| Agency Administrative Fund Revenues (from districts and other agreements) | $73,308 | ||||||
| Total Revenues- All Sources | $3,300,000 | $3,117,000 | $ 2,631,658 | ||||
| Fund Name | FY 2022 Budgeted Expenditures | FY 2023 Budgeted Expenditures | FY 2024 Proposed Expenditures | ||||
| Former Categories (Unused in FY23 and FY24) | |||||||
| Admin & Prof Services | $ 95,500 | – | – | ||||
| Dues & Subscriptions | $ 4,600 | – | – | ||||
| Other | $ 3,000 | – | – | ||||
| Capital Outlays | $ 3,196,900 | – | – | ||||
| Chubbuck Improvement Revenue Allocation Fund | |||||||
| Professional Service, Insurance, & Publications | $ 65,200 | $ 30,000 | |||||
| Owner Participation Agreements or other Agreements | – | 376,879 | 1,111,200 | ||||
| Debt Service | – | 420,000 | – | ||||
| Capital Improvements | – | 1,727,921 | $ 580,000 | ||||
| To Administrative Fund | – | 35,000 | – | ||||
| Fund Total | – | $ 2,625,000 | $ 1,721,200 | ||||
| Pine Ridge Revenue Allocation Fund | |||||||
| Administrative Expenses | – | 15,000 | $ 18,000 | ||||
| Bond Obligation | – | 287,000 | 300,000 | ||||
| Fund Total | 302,000 | 318,000 | |||||
| Northside Crossing Revenue Allocation Fund | |||||||
| Administrative Expenses & Capital Improvements | – | 34,000 | 60,139 | ||||
| Owner Participation Agreements or other Agreements | – | 136,000 | 419,004 | ||||
| Fund Total | – | 170,000 | $479,143 | ||||
| Harvest Springs Revenue Allocation Fund | |||||||
| Administrative Expenses & Capital Improvements | – | 5,000 | 8,000 | ||||
| Owner Participation Agreements or other Agreements | – | 15,000 | 32,000 | ||||
| Capital Improvements | – | – | |||||
| Fund Total | – | 20,000 | 40,000 | ||||
| Northgate Revenue Allocation Fund | 7 | ||||||
| Administrative Fund | |||||||
| Office & Financial Administration | – | 14,000 | |||||
| City Administrative Reimbursement | – | 15,000 | |||||
| Legal | – | 18,000 | |||||
| Publications | – | 1,000 | |||||
| Dues & Subscriptions | – | 1,800 | |||||
| Insurance | 3,000 | ||||||
| To Fund Balance | 20,505 | ||||||
| Fund Total | – | 73,308 | |||||
| Total All Expenditures | $ 3,300,000 | $ 3,117,000 | $ 2,631,658 | ||||
Publish: September 6 & September 14, 2024.