Title
A resolution accepting and endorsing recommended expenditures from the Lodgers and Automobile Rental Tax (LART) special fund for inclusion in the 2023 budget.
Presenter:
Charae McDaniel, Chief Financial Officer
PK McPherson, Chair, LART Citizens' Advisory Committee
Body
Summary:
City Council's Lodgers and Automobile Rental Tax (LART) Citizens' Advisory Committee has reviewed and considered proposals from a variety of events and organizations for tourism-related projects to be funded from the City's LART Special Revenue Fund. The Committee, with the support of the City Council liaisons to the LART Citizens' Advisory Committee, recommends certain of those projects for inclusion in the 2023 budget.
Background:
The City imposes a Lodgers and Automobile Rental Tax on the purchase of lodging, automobile rentals, and the rental of campground space within the City limits. The revenue derived from the LART tax may be expended for the purpose of tourism promotion in the City and the Pikes Peak Region. City Council has appointed a LART Citizens' Advisory Committee, the purpose of which is to provide recommendations to City Council for such projects to include in the City's budget. The Committee has reviewed applications for LART funding from a variety of submissions, and its recommendations are included in the referenced Exhibit A.
The LART Citizens' Advisory Committee recommends that City Council approve the projects listed in Exhibit A and that they be forwarded to the Mayor to include in the 2023 budget.
Previous Council Action:
There have been no previous City Council actions relating to the LART Citizens' Advisory Committee's recommendations for the 2023 budget.
Financial Implications:
The total anticipated revenue from LART in 2023 is $10,049,661, and the estimated ending fund balance for 2022 is $1,454,110, which allows for $11,503,771 of total estimated funds available for appropriation in 2023. The LART Citizens' Advisory Committ...
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