Title
Ordinance No. 20-4 amending Ordinance No. 18-118 (2019 Appropriation Ordinance) for a supplemental appropriation to the General Fund in the amount of $6,984,844, and to the Lodgers and Auto Rental Tax (LART) Fund in the amount of $167,394 which will be transferred to the General Fund and is included in the $6,984,844, for the retention of 2018 fiscal year revenue above the 2018 fiscal year revenue and spending limitations (TABOR cap), approved by voters in the November 2019 coordinated election to be retained and spent for parks, sports and cultural facilities, and trail improvements
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
By Resolution No. 77-19, City Council referred a ballot question to the qualified registered electors of the City at the November 5, 2019 coordinated election which also constitutes a special municipal election. The ballot question, Issue 2B, asked the voters whether the City may retain and spend up to $7 million of revenues received by the City during fiscal year 2018 which exceeded the amounts otherwise allowed 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 specified parks, sports and cultural facilities, and trail improvement projects located within the City of Colorado Springs. A list of the projects which, revenues permitting, would be funded with this revenue was included in the Resolution. The Resolution also directs City staff to do all things required in connection with having the ballot measure presented to the voters.
Ballot Issue 2B was approved by voters - 57.72% voted yes.
With voter approval, the City is now authorized to retain and spend up to $7 million of the amount of revenue received during 2018 in excess of the TABOR cap. The final amount of revenue over the TABOR cap for 2018 is $6,984,844. This appropriation ordinance asks City Counc...
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