LCDC Proposes $7.8M 2015 Budget

The Lake City Development Corp. has approved a draft budget for 2015, which shows a total reduction of $4.4 million in spending from 2014. A public hearing will be held on the proposal Aug. 20. If approved, it will be remitted to the city of Coeur d’Alene by the Sept. 1 deadline. The draft budget - which will cover fiscal year 2015 from Oct. 1, 2014, to Sept. 30, 2015 - proposes total spending of $7.8 million. LCDC Executive Director Tony Berns estimates the urban renewal agency will take in $8 million in revenues over the same period of time. “This is based on 2013 levy rates,” Berns told the LCDC board of directors last week. “So it is a conservative estimate.” Berns said property values in the agency’s Lake District increased by $20.7 million, which will generate $4.3 million in tax increment revenue. Valuations in the River District increased by $16.3 million, which will generate revenues of $1.9 million/ Jeff Selle , Coeur d’Alene Press. More here.

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