Title
Ordinance No. 18-80 amending Ordinance No. 17-116 (2018 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $100,000 for costs associated with the formation of the Colorado Springs Sports Authority as recommended by the LART Citizen Advisory Committee
Presenter:
Charae McDaniel, Chief Financial Officer
Fred Veitch, Chair, LART Citizen Advisory Committee
Body
Summary:
In 2017, revenues exceeded expenditures in the Lodgers & Auto Rental Tax (LART) fund, which allowed for additional funds to be available for events. The LART Citizen Advisory Committee, at their June 2018 meeting, recommended approval of funding for costs associated with the formation of the Colorado Springs Sports Authority (CSSA). The attached ordinance is a supplemental appropriation for the LART Fund in the amount of $100,000 for necessary legal, consulting, general and administrative costs associated with the formation of the CSSA. Upon final approval as an eligible expense, the LART Fund will be reimbursed for the amount awarded in accordance with this request using available Regional Tourism Authority (RTA) funding.
Previous Council Action:
On November 28, 2017, City Council recommended LART expenditures to be included in the 2018 budget (Resolution No. 137-17). On December 12, 2017, City Council approved the 2018 Budget per Ordinance No. 17-116, which included the appropriation of funds for the LART Fund.
On April 24, 2018, City Council approved a supplemental appropriation to the LART Fund in the amount of $50,000 for three (3) additional 2018 items, as recommended by the LART Citizen Advisory Committee.
At the June 25, 2018 work session, a supplemental appropriation to the LART Fund was introduced in the amount of $70,910 for additional funding for operational costs associated with the U.S. Senior Open.
Background:
A number of events in the community have been designated by Council resolution...
Click here for full text