Title
Ordinance No. 15-57 amending Ordinance No. 14-101 (2015 Appropriation Ordinance) for a $35,000 supplemental appropriation increasing expenditures in the Lodgers and Automobile Rental Tax (LART) fund for the purpose of providing 2015 funding to the Regional Business Alliance
Body
From:
Councilmember Don Knight
Summary:
The ordinance appropriates $35,000 to increase expenditures in the LART fund to support the Regional Business Alliance’s economic development activities in 2015. The supplemental appropriation supports an additional $35,000 to be expended from already-appropriated economic development funds.
Previous Council Action:
The LART fund supported the RBA in 2013 and 2014 with appropriations of $70,000 in each of those budget years.
Background:
N/A
Financial Implications:
The LART fund’s projected revenue in 2015 is $4.2 million, 2/3 of which is dedicated to the City’s contract for visitor and tourism promotion, which is currently held by the Colorado Springs Convention and Visitors Bureau. The remaining funding is allocated to a variety of tourism promotion activities recommended by the LART Citizen’s Advisory Committee.
Board/Commission Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
N/A
Ordinance Language
N/A