Title
Ordinance No. 20-62 amending Multiple Sections under Part 11 (Road Repair, Maintenance, and Improvements Sales and Use Tax Fund) to Article 6 (City Funds) of Chapter 1 (Administration, Personnel and Finance) of the Code of the City of Colorado Springs 2001, as Amended, Regarding the Road Repair, Maintenance, and Improvements Sales and Use Tax Fund
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
At the November 5, 2019, special municipal election, the voters of the City approved a ballot question authorizing an extension of the temporary sales and use tax levy at a rate reduced from 0.62% to 0.57% in City sales and use tax dedicated solely to road repair, maintenance and improvements.
The attached Ordinance modifies the relevant sections of Article 6 of Chapter 1 of the Code of the City of Colorado Springs to amend the rate of the temporary sales and use tax levy from 0.62% to 0.57%, for a period of five years. The tax levy established in this ordinance shall apply to all transactions occurring on or after January 1, 2021, and expire on December 31, 2025.
A related Ordinance amends sections within Article 7 (Sales and Use Tax) of Chapter 2.
Background:
At the November 3, 2015, special municipal election, the voters of the City approved a ballot question authorizing a temporary additional levy of sixty-two one-hundredths percent (0.62%) in City sales and use tax dedicated solely to road repair, maintenance and improvements, with said temporary tax levy to expire on December 31, 2020.
At the November 5, 2019, special municipal election, the voters of the City approved a ballot question authorizing a five (5) year extension of the temporary additional levy in the decreased amount of fifty-seven one-hundredths percent (0.57%) in City sales and use tax dedicated solely to road repair, maintenance and improvements and constituting a voter approved revenue change exempt from spending and revenue limitations.
This tax will s...
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