Title
A resolution accepting and endorsing the recommendations from the Lodgers and Automobile Rental Tax (LART) Citizen Advisory Committee for expenditures from the LART special fund for inclusion in the 2024 budget
Presenter:
Charae McDaniel, Chief Financial Officer
PK McPherson, Chair, LART Citizens' Advisory Committee
Body
Summary:
City Council's Lodgers and Automobile Rental Tax (LART) Citizens' Advisory Committee has reviewed and considered proposals from a variety of events and organizations for tourism-related projects to be funded from the City's LART Special Revenue Fund. The Committee recommends certain of those projects for inclusion in the 2024 budget.
Background:
The City imposes a Lodgers and Automobile Rental Tax on the purchase of lodging, automobile rentals, and the rental of campground space within the City limits. The revenue derived from the LART tax may be expended for the purpose of tourism promotion in the City and the Pikes Peak Region. City Council has appointed a LART Citizens' Advisory Committee, the purpose of which is to provide recommendations to City Council for such projects to include in the City's budget. The Committee has reviewed applications for LART funding from a variety of submissions, and its recommendations are included in the referenced Exhibit A.
The LART Citizens' Advisory Committee recommends that City Council approve the projects listed in Exhibit A and that they be forwarded to the Mayor to include in the 2024 budget.
Previous Council Action:
There have been no previous City Council actions relating to the LART Citizens' Advisory Committee's recommendations for the 2024 budget.
Financial Implications:
The total anticipated revenue from LART in 2024 is $10,043,661. The LART Citizens' Advisory Committee has recommended projects and expenditures for 2024 in the amount of $9,875,069 (Exhibit A), for total expenditures of $9,875,569 that include bank/investment fees.
City Council Appointe...
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