Finance Item/Grant Request Template
Date Submitted: 11-23-20
Requesting Agency: Finance
Division:
Subject Matter Expert Name:
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Name: Rachel Bardin |
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Email: Rachel.Bardin@denvergov.org |
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance establishing a new Fund in the General Government Special Revenue Fund Series for the “Climate Protection” Fund and appropriating budget for the fund in 2021.
Establishes the Climate Protection Special Revenue Fund to receive sales tax revenue for the administration of the Climate Action program, per Division 2 of Chapter 2 of the Denver Revised Municipal Code, as amended through Referred Measure 2A in the November 2020 election, and appropriates $37,128,521 to said fund for 2021. The Committee approved filing this item at its meeting on 12-1-20.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
In November 2020, Denver voters approved Referred Measure 2A, which increased the sales tax rate by 0.25% starting January 1, 2021 to be spent on job creation through local workforce training and new careers for under-resourced individuals in renewable and clean energy technology and management of natural resources; increased investments in solar power, battery storage and other renewable energy technology; neighborhood-based environmental and climate justice programs; adaptation and resiliency programs that help vulnerable communities prepare for a changing climate; programs and services that provide affordable, clean, safe, and reliable transportation choices, like walking, biking, transit, electric vehicles, and neighborhood-scale transit; and upgrade the energy efficiency of homes, offices and industry to reduce their carbon footprint, utility bills and indoor air pollution; and administrative costs (not to exceed 8% of revenue received in the fund in that year).
This bill request establishes the Climate Protection Special Revenue Fund, Fund Number 11880 in the General Government Series, to receive the sales tax revenue from the incremental increase in the sales tax rate of 0.25% and to administer the program. The fund will be appropriated and non-lapsing. The expending authority is the Executive Director of the Office of Climate Action, Sustainability and Resiliency. This bill request also appropriates $37,128,521 for 2021. The Executive Director of the Office of Climate Action, Sustainability, and Resiliency shall submit a five-year plan to the city council on planned revenue uses in the Climate Protection Fund.
A cap on administrative costs will be applied per Division 2 of Chapter 2 of the DRMC.
Revenues in this fund may also be used for capital improvements, and will be transferred to a new Capital Projects Fund for that purpose. It is anticipated that creation of that new fund will be occur later in 2021.
Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other):
Fund Creation and Appropriation
Amount:
Budget Year:
Fund and Funding Source (Fund/Org/Grant Number, if applicable):
Grantor (if applicable):
Fund Matching Requirements (if applicable):
Fiscal Impact: