Title
Ordinance No. 17-77 amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the General Fund in the amount of $2,638,264 and to the Lodgers and Auto Rental Tax (LART) Fund in the amount of $66,219 for the refund of 2016 fiscal year revenue above the 2016 fiscal year revenue and spending limitations (TABOR cap), representing the amount over what was approved by voters to be retained in the April 2017 municipal election
Presenter:
Charae McDaniel, Acting Budget Director
Body
Summary:
The attached ordinance is a supplemental appropriation for the refunding of the 2016 revenue in excess of the fiscal year revenue and spending limitations (TABOR cap).
Previous Council Action:
On November 22, 2016, City Council approved the original 2017 Budget per Ordinance No. 16-116.
On April 11, 2017, City Council approved Ordinance 17-40 for a supplemental appropriation of up to $650,279 to the Colorado Springs Convention & Visitors Bureau (CVB) relating to the 2016 contract. 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 actual payment to the CVB for two-thirds of the LART revenue over budget was $650,278.36.
On July 11, 2017, City Council approved Ordinance 17-53 for a supplemental appropriation for $6 million which was the amount of the 2016 fiscal year revenue above the 2016 TABOR cap, approved by voters in the April 2017 municipal election to be retained and spent for stormwater projects.
Background:
The City's 2016 fiscal year revenue exceeded the fiscal year revenue and spending limitations (TABOR cap) by $8,836,922.
At the April 2017 general municipal election, the City requested, and the voters approved, the retention and spending of up to $6 million of revenues received by the City during each of fiscal years 2016 and 2017 which may exceed the amounts otherwi...
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