Title
Ordinance No. 17-34 amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $250,000 for the Colorado Classic Pro Cycling Event project as recommended by the LART Citizen Advisory Committee
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 $250,000 for the Colorado Classic Pro Cycling Event project, which is recommended by the LART Citizen Advisory Committee. The source of funds is the available fund balance.
Previous Council Action:
On September 13, 2016, City Council recommended LART expenditures to be included in the 2017 budget (Resolution No. 88-16). On November 27, 2016, City Council approved the 2017 Budget per Ordinance No. 16-116, which included the appropriation of funds for the LART Fund.
On February 27, 2017, City Council received a presentation providing an Overview of Supplemental Appropriations Requests to be introduced at the March 13th City Council Work Session.
On March 13, 2017, at the City Council Work Session, a supplemental appropriation item was introduced to City Council which included the $250,000 for the bike race and two other LART projects - the final payment of $650,279 to the Colorado Springs Convention & Visitors Bureau (CVB) relating to the 2016 contract and an additional $250,000 for the Pikes Peak Highway Summit House.
On March 14, 2014, at the Regular City Council meeting, the combined item was bifurcated and the bike race project was handled as one item, which passed on first reading. A second item was created for the final payment to the CVB relating to the 2016 contract and the additional $250,000 for the Pikes Peak Highway Summit House, which was postponed for two weeks.
Background:
A number of events in the community have been designated by Council resolutions ove...
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