HomeMy WebLinkAbout166 - 11/16/2004 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE MANUFATURING EQUIPMENT USE TAX REBATE PR ORDINANCE NO. 166 , 2004
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES
FOR THE MANUFACTURING EQUIPMENT USE TAX REBATE PROGRAM
WHEREAS, in March 1996, the City Council originally approved a temporary rebate
program for use tax paid on manufacturing equipment; and
WHEREAS,the City Council extended that temporary 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 extended the Manufacturing Equipment
Use Tax 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 manufacturing concerns located in Fort Collins; and
WHEREAS, the City has received six applications requesting rebates of 2003 use taxes for
a total of approximately $172,093 to be returned to the manufacturers through the rebate program;
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 SEVENTY-TWO THOUSAND AND
NINETY-THREE DOLLARS ($172,093) for the Manufacturing Equipment Use Tax Rebate
Program.
Introduced, considered favorably on first reading, and ordered published this 19th day of
October,A.D. 2004, and to be presented for final passage on the 16th/day
�of November,A.D. 2004.
Mayor
ATTEST:
l'-'L )4, Al.. e
City Clerk
Passed and adopted on final reading this 16th day of November, A.D. 2004.
Mayor
EST:
City Clerk