Title
An Ordinance amending Ordinance No. 24-104 (2025 Budget Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $194,000 for additional projects and events recommended by the LART Citizen Advisory Committee
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
The LART Citizen Advisory Committee, at their meeting in March of 2025, recommended approval and funding for additional 2025 events and projects. The attached ordinance is a supplemental appropriation to the LART Fund in the amount of $194,000 as shown in Exhibit A, as recommended by the LART Citizen Advisory Committee.
Background:
The LART Tax, 2% on lodging and 1% on auto rental, was established in 1978 with the purpose of attracting visitors and enhancing the economy of the City and Pikes Peak Region.
The LART funds are allocated to projects and events in the community through an application process and extensive review by the LART Citizen Advisory Committee, which results in their recommendation to City Council for projects to include in the City's annual budget (Exhibit A).
The LART Citizen Advisory Committee, at their March 2025 meeting, reviewed additional applications for funding and recommended additional projects and events for 2025 totaling $194,000. This will result in a supplemental expenditure appropriation to the LART fund in the total amount of $194,000.
Previous Council Action:
On October 8th, 2024, City Council recommended LART expenditures to be included in the 2025 budget (Resolution No. 129-24). On November 26, 2024, City Council approved the 2025 Budget per Ordinance No. 24-104, which included the appropriation of funds for the LART Fund.
Financial Implications:
The supplemental appropriation increases the 2025 LART Fund expenditure budget by $194,000 and does not affect the General Fund balance. The source of these funds is the available fund balance in the LART fund, w...
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