Title
Ordinance No. 15-96 Adding a New 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, to Establish the Road Repair, Maintenance and Improvements Sales and Use Tax Fund
Body
From:
Kara Skinner, Chief Financial Officer
Summary:
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.
The attached Ordinance adds a new part to the Code of the City of Colorado Springs to establish a fund to be known as the Road Repair, Maintenance and Improvements Sales and Use Tax Fund.
Previous Council Action:
N/A
Background:
By voter approval, the City of Colorado Springs is authorized to temporarily increase its sales and use tax by 0.62% (6.2 pennies on a $10 purchase) for five years to fund only road repairs and improvements, and be permitted to retain all such revenues generated and to expend the same only for road repairs and improvements, exempt from spending and revenue limitations. As approved, the existing sales and use tax rate of 2.5% established by the City Code is increased by 0.62% dedicated to road repairs and improvements to make an effective City tax rate of 3.12% as of January 1, 2016. This tax will sunset (expire) exactly five (5) years from the date of its implementation and will not affect or apply to purchases of food for domestic home consumption, prescriptions, residential utility bills or other items exempt from City sales and use tax under the City Code. This temporary increase in sales and use tax revenue will be placed in a dedicated fund to be used only for funding the cost to repair roads and streets throughout all areas of the City...
Click here for full text