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MRA amends FY 2016 budget to reflect tax valuations and mill levies

Crews continue work on the new Stockman Bank building in downtown Missoula. (Martin Kidston/Missoula Current)

By Martin Kidston

In in its last meeting of the year, the City Council agreed to amend the Missoula Redevelopment Agency’s fiscal year 2016 budget to reflect new revenues and expenditures generated by final tax valuations and mill levies.

Jil Dunn of MRA said the change in figures saw revenues increase by $13.9 million and expenditures increase by $13.6 million. The figures reflect additional revenue based on final valuations and mill levies, along with anticipated bond proceeds.

“All but approximately $500,000 to $600,000 of this are related to bonds that were approved in Fiscal Year 2016 that went through the appropriate City Council process,” Dunn said.

The figures also recognized revenue and expenditures related to administrative tasks and project costs. Dunn said they include on-going construction projects and bond issues with related debt service that were carried forward from the previous fiscal year.

Roughly $12.1 million of the amendments relate to bond proceeds in Urban Renewal District III and were previously approved by the council. URD III represents much of Missoula’s southside, including Southgate Mall and South Crossing.

Dunn said the amendments don’t impact the city’s general fund.