Title
Ordinance No. 17-40 amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $900,278 for the final payment to the Colorado Springs Convention & Visitors Bureau relating to the 2016 contract and for the Pikes Peak Summit House project, as recommended by the LART Citizen Advisory Committee, and to the Pikes Peak - America's Mountain Fund in the amount of $250,000 for the Summit House project
Presenter:
Kara Skinner, Chief Financial Officer
Body
Summary:
The attached ordinance is a supplemental appropriation for the Lodgers & Auto Rental Tax (LART) Fund in the amount of $900,278, and to the Pikes Peak - America's Mountain (PPAM) Fund in the amount of $250,000 for the Summit House project.
There are three items that are addressed in this supplemental appropriation - two of them are LART items, which are recommended by the LART Citizen Advisory Committee.
The first LART item is an appropriation to make the final payment of up to $650,279 to the Colorado Springs Convention & Visitors Bureau (CVB) relating to the 2016 contract. The contract between the City and the CVB in paragraph 3-Funding Agreement, provides that two-thirds of LART revenue collected in excess of the LART revenue budget be paid to the CVB.
The second LART item is an appropriation in the amount of $250,000 for the Pikes Peak Highway Summit House project. The source of funds is the available fund balance in the LART Fund.
The third is a PPAM item to increase the revenue and expenditure appropriation in the amount of $250,000 for the Summit House project. The source of funds is the transfer from the LART Fund.
Previous Council Action:
On September 22, 2015, City Council recommended LART expenditures to be included in the 2016 budget (Resolution No. 94-15). On November 24, 2015, City Council approved the original 2016 Budget per Ordinance No. 15-86, which included the app...
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