Finance Committee Agenda and Packet 2019 04 01

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ILA City.of FINANCE COMMITTEE COMMUNICATION Louisville AGENDA ITEM COLORADO - SINCE 1878 SUBJECT: DATE: PRESENTED BY: PROPOSED BALLOT ISSUE LANGUAGE — CITY RECREATION SALES AND USE TAX — EXCESS REVENUE OBLIGATIONS UNDER THE TAXPAYER'S BILL OF RIGHTS (TABOR) APRIL 1, 2019 NICK COTTON-BAEZ, CITY ATTORNEY'S OFFICE SUMMARY: At its February 18, 2019 meeting, the Finance Committee discussed its options under TABOR for either retaining or refunding revenues received in excess of the estimate for the first year of its 0.15% sales and use tax increase approved by the voters at the 2016 election, and for continuing to collect the tax at the established rate. At that meeting, the Finance Committee elected to recommend to the City Council to refer to the voters a TABOR ballot issue that, if passed, would permit the City to retain revenues received in excess of the estimate for the first year of the tax, and to continue to collect sales and use tax at the rate approved by the voters at the 2016 election. The Finance Committee directed the City Attorney's office to collect examples of ballot language from other municipalities, and to prepare proposed ballot language for the City's retention of the excess revenues and previously approved rate. The attached document contains examples of ballot language used by other municipalities to retain excess revenues and previously -approved tax rates. In addition, as directed, the City Attorney's office has prepared proposed ballot language for the Committee's review. The City Attorney's office also prepared alternative ballot language in case the City Council should decide to refund excess revenues and to ask the voters to permit the City to retain the rate approved at the 2016 election. RECOMMENDATION: Staff is seeking comments on the proposed ballot language. ATTACHMENT(S): 1. Proposed Ballot Issue Language and Examples FINANCE COMMITTEE COMMUNICATION 11