Title
Ordinance No. 21-16 amending Ordinance No. 19-87 (2020 Appropriation Ordinance) for a supplemental appropriation to the General Fund in the amount of $1,862,882, and to the Lodgers and Auto Rental Tax (LART) Fund in the amount of $72,147, which will be transferred to the General Fund and is included in the $1,862,882, for the retention of 2019 fiscal year revenue above the 2019 fiscal year revenue and spending limitations (TABOR Cap), approved by voters in the November 2020 coordinated election to be retained and spent for the benefit of public safety
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
By Resolution No. 66-20, City Council referred a ballot question to the qualified registered electors of the City at the November 3, 2020 coordinated election which also constitutes a special municipal election. Part of the ballot question, Issue 2A, asked the voters whether the City may retain and spend all revenues received in 2019. During fiscal year 2019, the revenue collected by the City exceeding 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", was $1,862,882. The ballot item stipulated that the 2019 funds may only be used for public safety.
Ballot Issue 2A was approved by voters - 58.84% voted yes.
With voter approval, the City is authorized to retain and spend up to $1.9 million of revenue received during 2019 in excess of the TABOR cap. The final amount of revenue in excess of the TABOR cap for 2019 is $1,862,882. This appropriation ordinance appropriates $1,862,882 in the General Fund that will be used for one-time public safety expenditures. This ordinance also appropriates $72,147 in the LART Fund, to be transferred to the General Fund as part of the $1,862,882.
Background:
Under Charter ? 7-90 (g), the City's authorized change in fiscal year spending is limited to inflation plus City gr...
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