Title
Ordinance No. 18-30 amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $757,443 for the final payment to the Colorado Springs Convention & Visitors Bureau relating to the 2017 contract
Presenter:
Charae McDaniel, Chief Financial Officer
Doug Price, President and CEO of the Colorado Springs Convention and Visitors Bureau
Body
Summary:
The attached ordinance is a supplemental appropriation for the Lodgers & Auto Rental Tax (LART) Fund in the amount of $757,443, to make the final 2017 payment of to the Colorado Springs Convention & Visitors Bureau (CVB) relating to the 2017 contract.
Previous Council Action:
On September 13, 2016, City Council recommended LART expenditures to be included in the 2017 budget (Resolution No. 88-16). On November 22, 2016, City Council approved the original 2017 Budget per Ordinance No. 16-116, which included the appropriation of funds for the LART Fund.
Background:
The contract between the City and the CVB in paragraph 3-Funding Agreement, provides that two-thirds of LART revenue collected in excess of the LART revenue budget be paid to the CVB.
Financial Implications:
The supplemental appropriation increases the 2017 L ART Fund expense budget by $757,443 and does not affect the General Fund balance. The source of these funds is the 2017 LART revenue collected in excess of the 2017 LART revenue budget.
Board/Commission Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move approval of the ordinance for a supplemental appropriation to the Lodgers & Auto Rental Tax for the payment to CVB for 2017 revenue over budget.
Summary of Ordinance Language
An ordinance amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $757,443 for the final payment to the Colorado Springs Convention & Visitors Bureau relating to the 2017 contract