Title
Ordinance No. 17-53 amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the General Fund in the amount of $6,000,000, which is the amount of the 2016 fiscal year revenue above the 2016 fiscal year revenue and spending limitations (TABOR cap), approved by voters in the April 2017 municipal election to be retained and spent for stormwater projects
Presenter:
Charae McDaniel, Acting Budget Director
Body
Summary:
By Resolution No. 7-17, City Council referred a ballot question to the qualified registered electors of the City at the April 4, 2017 general municipal election. The ballot question, Issue 2, asked the voters whether the City may retain and spend up to $6 million of revenues received by City during each of fiscal years 2016 and 2017 which may exceed the amounts otherwise allowed in those years to be retained and spent under City Charter ? 7-90 and Colorado Constitution Article X, ? 20, known as the Taxpayers' Bill of Rights or "TABOR", provided that the funds may only be used for stormwater improvements located within and benefitting the City of Colorado Springs. A list of the stormwater projects which, revenues permitting, would be funded with this revenue was attached to the Resolution as Exhibit "A". These projects are needed to meet the City's obligations under the federal Clean Water Act, its MS4 discharge permit and/or the Intergovernmental Agreement between the City and Pueblo County dated April 27, 2016.
Ballot Issue 2 was approved by voters - 65.59% voted yes.
With voter approval, the City is now authorized to use up to $6 million of the amount of revenue received during 2016 in excess of the TABOR cap for stormwater projects. The current, unaudited estimate of the revenue in excess of the 2016 TABOR cap is approximately $8.8 million. This appropriation ordinance asks City Council to appropriate the $6 million that will be retained by the City and placed in a Stormwater Capital Im...
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