Urban Renewal Authority of Pueblo, Colorado


CUSIP *****
  • Issue Currency: *****
  • Announcement Date: 24-Aug-2018
  • News: The Pueblo Urban Renewal Authority, in the City of Pueblo, Colorado (the Authority) failed to file in a timely manner certain Annual Operating Data for fiscal year ending December 31, 2017 with the Electronic Municipal Market Access system (EMMA) of the Municipal Securities Rulemaking Board (MSRB) in accordance with the requirements of the Securities and Exchange Commission Rule 15c2-12 (17 CFR Part 240, 240.15c2-12) (the Rule), as required under its previous continuing disclosure undertaking (the Previous Undertaking) for the Authoritys Taxable Refunding Revenue Bonds, Series 2011A Bonds, and the Authoritys Tax-Exempt Refunding and Improvement Revenue Bonds, Series 2011B Bonds. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Previous Undertaking. The Authority was required under the Previous Undertaking to file with EMMA its annual Audited Financial Statements (the Audit) as well as certain required Annual Operating Data for each fiscal year by July 31 of each subsequent year (the Deadline). The Authority has timely filed its Audit for the fiscal year ending December 31, 2017. Listed below is additional Annual Operating Data required to have been filed by the Deadline under the Previous Undertaking. The Annual Operating Data provided below includes certain information obtained by the Authority from the City of Pueblo, Colorado (the City). Although such information is not required to be audited under the Rule or the Previous Undertaking, it has been the Authoritys practice to obtain this information from the Ci Citys Ten Largest Generators of Sales and Use Tax Receipts as of December 31, 1 2013 2014 2015 2016 2017 Business Type Percent of Total Collections Business Type Percent of Total Collections Business Type Percent of Total Collections Business Type Percent of Total Collections Business Type Percent of Total Collections UNAVAILABLE % UNAVAILABLE % UNAVAILABLE % UNAVAILABLE % UNAVAILABLE % ____________________ 1 Please see discussion below. Source: The City The Authority previously requested and received the information provided in the table above from the City. Due to a change in the Citys interpretation of a City ordinance prohibiting the disclosure of individual tax information, the City is no longer able to disclose such information. Accordingly, this information is unavailable and the Authority will not provide such information in the future. [Remainder of Page Left Intentionally Blank] History of City General Fund Revenues, Expenditures and Fund Balance 2013 2014 2015 2016 2017 Revenues Property taxes $12,865,732 $12,683,392 $12,774,572 $13,363,615 $13,111,640 Sales and miscellaneous taxes 48,826,416 50,298,609 53,779,158 58,659,597 58,183,115 Payment in lieu of taxes 9,859 9,859 9,859 9,859 9,859 Fees and fines 1,849,081 1,611,630 1,798,138 1,741,259 1,986,461 Licenses and permits 603,249 576,283 591,466 652,734 832,065 Intergovernmental 13,468,074 1,990,837 2,085,147 2,125,562 2,699,499 Charges for services 3,745,124 3,958,562 4,182,073 4,477,092 4,320,404 Investment earnings (30,814) 80,043 24,837 116,404 192,053 Miscellaneous 265,860 180,606 461,796 388,899 2,552,294 Total $81,602,581 $71,389,821 $75,707,046 $81,535,021 $83,887,390 Expenditures General government $9,157,208 $8,535,183 $8,733,478 $9,399,169 $10,514,770 Public Safety 53,058,602 41,449,869 41,789,027 43,074,758 44,075,041 Public works 7,567,809 7,625,935 6,748,087 6,633,021 6,451,226 Parks and recreation 4,668,999 4,491,149 4,478,533 4,862,533 5,283,828 Culture and community welfare 6,454,833 4,009,373 4,300,328 4,397,461 4,460,988 Other 402,110 485,078 601,143 542,327 735,897 Capital outlay 13,232 148,332 36,897 416,818 1,064,145 Total $81,322,793 $66,744,919 $66,687,493 $69,326,087 $72,585,895 Excess (Deficiency) of Revenues Over Expenditures $279,788 $4,644,902 $9,019,553 $12,208,934 $11,301,495 Other Financing Sources (Uses) Sales of capital assets $ 214,877 $ 154,692 -- -- -- Transfers In 4,310,961 4,170,057 $4,574,983 $ 4,019,871 $4,751,568 Transfers out (6,855,505) (8,119,161) (9,886,785) (9,950,294) (12,819,998) Total (2,329,667) (3,794,412) (5,311,802) ($5,930,423) ($8,068,430) Net Change in Fund Balances (2,049,879) 850,490 3,707,751 6,278,511 3,233,065 Beginning Fund Balance 19,611,062 17,561,183 18,411,673 22,119,424 28,397,935 Ending Fund Balance $17,561,183 $18,411,673 $22,119,424 $28,397,935 $31,631,000 ____________________ Source: City 2013-2017 Comprehensive Annual Financial Reports Materiality The Authority takes no position as to the materiality of the foregoing.



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