HomeMy WebLinkAbout142 - 12/20/2005 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE TEMPORARY MANUFACTURING EQUIPMENT USE TA ORDINANCE NO. 142, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES
FOR THE TEMPORARY MANUFACTURING EQUIPMENT
USE TAX REBATE PROGRAM
WHEREAS, in March 1996, the City Council originally approved a Temporary
Manufacturing Equipment Use Tax Rebate Program (the 'Rebate Program") for use tax paid on
manufacturing equipment; and
WHEREAS, the City Council extended that Rebate Program on an annual basis through tax
year 1999,and in December 2000,adopted Ordinance No. 173,2000,approving the Rebate Program
for tax years 2000 and 2001; and
WHEREAS,in January of 2004 the City Council again extended the Rebate Program for the
use tax years 2003 and 2004 through the adoption of Ordinance No. 174, 2003; and
WHEREAS, the goal of this program is to support the local economic base by providing
modest tax relief to manufacturers located in Fort Collins; and
WHEREAS, as a result of the Rebate Program, the City has received twelve applications
requesting rebates of 2004 use taxes for a total of approximately$168,000; and
WHEREAS,the money to rebate these funds is available in the Sales and Use Tax Fund Use
Tax Carryover Reserve; and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure
as may be available from reserves accumulated in prior years, notwithstanding that such reserves
were not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Sales and Use Tax Fund Use
Tax Carryover Reserve, the sum of ONE HUNDRED SIXTY-EIGHT THOUSAND DOLLARS
($168,000) for the Manufacturing Equipment Use Tax Rebate Program.
Introduced, considered favorably on first reading, and ordered published this 15th day of
November, A.D. 2005, and to be presented for final pas e on the 20th day of December, A.D.
2005.
Mayor /
AfT E
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City Clerk
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Passed and adopted on final reading this 20th da ecember, A.D. 2005.
Mayor
ATTEST:
City Clerk