HomeMy WebLinkAbout1998-107-07/21/1998-SUPPORTING THE 1998 COLORADO SURPLUS INVESTMENT PACKAGE BALLOT MEASURE PROPOSED BY HOUSE BILL 98-125 RESOLUTION 98-107
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SUPPORTING THE 1998 COLORADO SURPLUS INVESTMENT
PACKAGE BALLOT MEASURE PROPOSED BY HOUSE BILL 98-1256
WHEREAS,the Colorado General Assembly has recently adopted House Bill 98-1256 which
refers to the registered electors of the State a proposal (the "1998 Colorado Surplus Investment
Package")which would authorize the State to retain for the 1997-98 fiscal year and for four(4)years
thereafter,a portion of the State's surplus revenues which exceed the limitations imposed by Article
XX of the Colorado Constitution, and to expend those excess revenues for transportation and
education capital construction needs; and
WHEREAS, if approved by the voters this proposed ballot measure would allocate up to
$200 million per year for five years, or a total of$1 billion of the estimated $1.8 billion of excess
revenues as follows: 50% or $500 million for state and local transportation needs; 30% or $300
million for kindergarten through 12th grade capital construction needs;and 20%or$200 million for
higher education capital construction needs; and
WHEREAS, the transportation revenues resulting from this measure would be shared with
local governments to help address the$5 billion in unfunded local transportation needs by using the
Highway Users Tax Fund(HUTF)formula of 60%state,22%counties and 18%municipalities;and
WHEREAS,the municipal share of such revenues is estimated to be$18 million per year for
five years, or $90 million total; and
WHEREAS, this measure would provide an estimated $2.8 million over five years, or
approximately $560,000 per year, for five years to the City of Fort Collins to help meet the $47.1
million in unfunded transportation capital needs which the City has identified for the next eight
years; and
WHEREAS,the City of Fort Collins has an antiquated traffic operations system and traffic
signal system which must be upgraded at an estimated cost of$7 million in order to better manage
traffic flow and relieve congestion on the City street system, and these funds could be used to
upgrade these systems; and
WHEREAS,the Poudre School District and Colorado State University would be eligible to
compete with other school districts and institutions of higher education to receive capital
construction funds provided by this measure.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS that the 1998 Colorado Surplus Investment Package Ballot Measure proposed by
House Bill 98-1256 is strongly supported by this Council;and all public and private business entities
and associations are hereby encouraged to express their support of this measure; and the citizens of
the City of Fort Collins are encouraged to inform themselves concerning this proposal, and to vote
in favor of this measure in the November, 1998 general election.
1
Passed and adopted at a regular meeting of the City Counc' eld tW s 21 st day July/A.D.
1998.
Mayor /
ATTEST:
UL 4) -�4
City Clerk