Title
A resolution authorizing in the Lodgers and Auto Rental Tax (LART) fund the abandonment of the 2015 "Pikes Peak Cycling USA Pro Cycling Challenge" project for $120,000 and the transfer of $100,000 to the "Pikes Peak Summit House" project and transfer of $20,000 to the "Projects to be Determined" project; and the partial abandonment of $25,000 of the "Transfer to General Fund" project and transfer of the $25,000 to the "Projects to be Determined" project
Body
From:
Eileen Lynch Gonzalez, City Council Administrator
Summary:
The City's 2015 budget included a project in the LART fund providing $120,000 in cash support and $25,000 in in-kind support to the USA Pro Cycling Challenge. However, the event will not include a stage in Colorado Springs in 2015. In order for the $145,000 to be available to other events or activities in 2015, the projects must be abandoned and the funding transferred to other projects.
This resolution abandons the cash and in-kind projects, transfers $100,000 to the "Pikes Peak Summit House" capital project (supplementing the $150,000 already included in the 2015 LART budget for this project), and transfers the remainder to the "Projects to be Determined" project for allocation to other tourism-related events and activities as determined by the LART Citizen Advisory Committee.
Previous Council Action:
City Council approved the 2015 budget, including a list of approximately 40 LART-sponsored events and activities, in December 2014.
Background:
N/A
Financial Implications:
There are no additional funds being appropriated to any projects by this resolution.
Board/Commission Recommendation:
The LART Citizen Advisory Committee has recommended the allocation of $100,000 from the "USA Pro Cycling Challenge" project to the "Pikes Peak Summit House" capital project.
Stakeholder Process:
N/A
Alternatives:
If Council does not approve the resolution as presented, the funds will rem...
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