Title
Ordinance No. 21-39 amending Ordinance No. 20-92 (2021 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $1,309,315 for additional projects and events recommended by the LART Citizen Advisory Committee
Presenter:
Charae McDaniel, Chief Financial Officer
PK McPherson, Chair, LART Citizen Advisory Committee
Body
Summary:
The LART Citizen Advisory Committee, at their meetings in March of 2021, recommended approval and funding of additional events and projects. The attached ordinance is a supplemental appropriation to the LART Fund in the amount of $1,309,315 as shown in Exhibit A, as recommended by the LART Citizen Advisory Committee.
At the November 2020 coordinated election, the City requested, and the voters approved, the retention and spending of all revenues received in 2019 and 2020, and the resetting of the revenue and spending limitations for 2021 based thereon. Revenue and spending limitations associated with TABOR apply to the LART Fund. Because of the passage of the ballot item, an amount of $1.175 million that had previously been set aside and reserved as unspendable due to TABOR revenue and spending limitations is now available for appropriation in 2021. This amount is included in a total amount available for appropriation in 2021 of approximately $1.6 million.
Background:
A number of events in the community have been designated by Council resolutions over the years as "City-sponsored events" and are supported in whole or in part by LART funds. The remaining funds are allocated to projects and events in the community through an application process and extensive review by the LART Citizen Advisory Committee, which results in their recommendation to City Council for projects to include in the City's annual budget (Exhibit A: 2021 List of LART Projects).
The LART Citizen Advisory Committee, at their March 2021 meetings, reviewed additional applications for ...
Click here for full text