HomeMy WebLinkAbout152 - 10/17/2006 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES FOR THE MANUFACTURING EQUIPMENT USE TAX REBATE P ORDINANCE NO. 152, 2006
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
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Manufacturing Equipment Use Tax Rebate Program (the "Rebate Program") for use tax paid on
manufacturing equipment to encourage the reinvestment by local manufacturing firms in new
manufacturing equipment; and
WHEREAS,the City Council has,this same date,adopted Ordinance No. 151,2006,which
modifies and extends the Rebate Program for tax year 2005; 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, staff estimates, based on the prior years' experience, that the 2005 Rebate
Program will cost approximately$500,000; 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 FIVE HUNDRED THOUSAND DOLLARS($500,000)for the
Manufacturing Equipment Use Tax Rebate Program.
Introduced, considered favorably on first reading, and ordered published this 3rd day of
October, A.D. 2006, and to be presented for final passage on the 7th day of October, A.D. 2006.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading on the 17th day of tober, A.D. 2006.
i
May
ATTEST:
4WIA III
r.
City Clerk