Title
Ordinance No. 24-34 amending Ordinance No. 23-65 (2024 Budget Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $708,000 for additional projects and events recommended by the LART Citizen Advisory Committee and as amended by City Council
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
The LART Citizen Advisory Committee, at their meeting in March of 2024, recommended approval and funding for additional 2024 events and projects. The attached ordinance is a supplemental appropriation to the LART Fund in the amount of $708,000 as shown in Exhibit A, as recommended by the LART Citizen Advisory Committee and as amended by City Council at the April 23, 2024 City Council Meeting.
Background:
The LART Tax, 2% on lodging and 1% on auto rental, was established in 1978 with the purpose of attracting visitors and enhancing the economy of the City and Pikes Peak Region.
A number of events in the community have been designated by City 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).
The LART Citizen Advisory Committee, at their March 2024 meeting, reviewed additional applications for funding and recommended additional projects and events for 2024 totaling $658,100. On April 23, 2024, at this item's first reading, City Council amended the request for a total of $49,900 to include an additional $39,600 for the 38th Annual IAFF Fallen Fire Fighter Memorial (FFFM) and $10,300 for the Colorado Springs Veterans Day Parade. This will result in a supplemental expenditure appropriation to the LART fund in the total amount of $...
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