Finance Committee Agenda and Packet 2017 03 24

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112 Cityot Im Louisville COLORADO - SINCE 1878 FINANCE COMMITTEE COMMUNICATION SUBJECT: STANDARDIZED DEFINITIONS PROJECT UPDATE - PRESENTATION OF DRAFT ORDINANCE RED -LINE AND SUMMARY COMPARISONS DATE: MARCH 20, 2017 PRESENTED BY: PENNEY BOLTE, FINANCE DEPARTMENT SUMMARY: At the April 18, 2016 Finance Committee Meeting, I presented an introduction and update on the Standard Definitions Project, the legislative background, and the efforts made within the municipal, home -rule membership (copy of communication and SJR 14-038 are attached). CML provided drafts of the definitions to various groups of stakeholders in the last half of 2016, and after several final revisions, the final Standard Definitions "package" is now complete and ready for individual home -rule discussion, review and adoption (see attached CML memo, stakeholder review process summary, and industry association letter of support). Since my communication with the Finance Committee last April, I have met with the City Attorney's office on two occasions and provided them a detailed code comparison analysis and a redline of LMC Section 3.20 (copies attached). As the adoption of the standard definitions will require an ordinance amendment approved by City Council, City tax staff identified other areas of the present Sales/Use Tax Code that require revisions or clarification and those changes will also be included in the final ordinance. Specifically, provisions clarifying that the statute of limitations is tolled based on engagement for audit, and setting new guidelines and policies affecting Section 3.20.520 Administrative hearings. These latter amendments will allow the Finance Director, whom is the City's hearing officer, to conduct informal meetings with taxpayer's to determine if any adjustments or compromise can be reached prior to a hearing. An ordinance amendment is also necessary for the current Lodging Tax Ordinance. Provisions requiring the separate statement of taxes owed on invoices or billing statements, and the requirement for payment of any excess tax collected by a taxpayer, will be made uniform with the Sales/Use Tax Code. I am happy to answer any questions or to provide additional information. FINANCE COMMITTEE COMMUNICATION 125