Title
Ordinance No. 22-32 amending Ordinance No. 21-112 (2022 Budget Appropriation Ordinance) for a Supplemental Appropriation to the General Fund in the amount of $34,617,510 and to the Lodgers and Auto Rental Tax (LART) Fund in the amount of $603,284, for the retention and refund of 2021 fiscal year revenue above the 2021 fiscal year revenue and spending limitations (TABOR cap); and a Supplemental Appropriation to the newly established Wildfire Mitigation Fund in the amount of $1,000,000 which represents the 2022 expenditure budget and is funded by a $20,000,000 transfer from the General Fund for the purposes stated in Ballot Issue 2D approved by voters in the November 2021 coordinated election; and with $15,220,794 refunded to residents
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
By Resolution No. 121-21, City Council referred a ballot question to the qualified registered electors of the City at the November 2, 2021 coordinated election which also constitutes a special municipal election. The ballot question asked the voters whether the City may retain $20,000,000 to be placed in a special fund, the Wildfire Mitigation Fund, to be used to increase City-wide and Pikes Peak region wildfire mitigation, prevention and evacuation planning efforts.
There are three (3) parts to this supplemental appropriation:
(1) Supplemental appropriation to the General Fund in the amount of $34,617,510, representing the amount of revenue in excess of the TABOR cap that was placed into the General Fund Restricted Fund Balance at the end of 2021. Of this amount, $20,000,000 will be transferred to the Wildfire Mitigation Fund and $14,617,510 will be refunded to residents.
(2) Supplemental appropriation to the LART Fund in the amount of $603,284, representing the amount of revenue in excess of the TABOR cap that was placed into the LART Fund Restricted Fund Balance at the end of 2021. This amount of $603,284, along with $14,617,510 from the Genera...
Click here for full text