Title
Ordinance No. 16-7 amending Ordinance No. 14-101 (2015 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $821,090 for the final 2015 LART payment to the Colorado Springs Convention & Visitors Bureau and for additional projects approved by the LART Citizen Advisory Committee during 2015
Body
From:
Kara Skinner, Chief Financial Officer
Summary:
The attached ordinance is a supplemental appropriation for the Lodgers & Auto Rental Tax (LART) Fund in the amount of $821,090. There are two items that are addressed in this supplemental appropriation. The first is appropriation authority to make the final 2015 LART payment of up to $615,000 to the Colorado Springs Convention & Visitors Bureau (CVB). This is based on current end-of-year revenue estimates. The actual final payment to CVB will be based on final actual revenue collected. 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 is appropriation authority in the amount of $206,090 for projects approved by the LART Citizen Advisory Committee that were in addition to those stated in the 2015 Budget. The source of funds for both items is 2015 LART revenue collected in excess of the 2015 budget.
Previous Council Action:
On September 9, 2014, City Council recommended LART expenditures to be included in the 2015 budget (Resolution No. 90-14). On December 9, 2014, City Council approved the original 2015 Budget per Ordinance No. 14-101, which included the appropriation of funds for the LART Fund. On April 14, 2015, City Council approved the abandonment of the USA Pro Cycling Challenge project (Resolution No. 32-15) as a result of the organizer's decision not to include a Colorado Springs' stage of the race in their plans.
Background:
In the City's contract with th...
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