Finance Committee Agenda and Packet 2023 04 20

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LL Clty0f FINANCE COMMITTEE Louisville COMMUNICATION COLORADO -SINCE 1878 ITEM 2 SUBJECT: Parks and Open Space Sales Tax Measure Extension - Discussion DATE: APRIL 20T", 2023 PRESENTED BY: ADAM BLACKMORE, DIRECTOR OF PARKS, RECREATION AND OPEN SPACE RYDER BAILEY, CPA, FINANCE DIRECTOR SUMMARY: At the February 21 st City Council Meeting, the Parks and Open Space Sales Tax Task Work Force was formed. As of April 4th, The Task Force has meet three times to understand the history of the tax and established a shared level of understanding of the services it funds. The Task force has recommended a Polling Firm to assist in polling the public on various considerations of the tax. Anticipated timeline of the Task Force, Polling, Ballot Language is as follows; • May 15 Polling Results Presented to Task Force • June 20 Polling Results and Task Force Recommendations Presented to City Council • July 11 - First Reading on Ballot Title Ordinance • July 25 - Second Reading and Ballot Title Set The Finance Committee is being asked to consider impacts, should the measure not successfully pass resulting in an approximate $2.85M loss of annual dedicated Park and Open Space revenue. BACKGROUND: The existing Open Space & Parks 10-year 3/8% sales and use tax was last approved in its current form in 2012 by Louisville voters and is slated to expire at the end of 2023. The sales and use tax, originally implemented for the acquisition of land in and around the City of Louisville for Open Space and Parks, has been in place since 1993. The tax was modified in 2002 to allow the tax revenues to be used for the operation and maintenance of open spaces and parks; the percentage and length of term remained the same. This same percentage, term, and purpose was approved again by the Louisville voters in 2012 via Ballot Measure 2A. FISCAL IMPACT: The Parks and Open Space sales and use tax generates approximately $2.85M annually and is the primary funding source for Open Space and Parks operations, including staffing, maintenance, purchasing, and service agreements. Funds are also used for land acquisition and capital projects. FINANCE COMMITTEE COMMUNICATION 8/71