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File #: 21-1293    Version: 1
Type: Bill Status: Passed
File created: 10/22/2021 In control: Finance & Governance Committee
On agenda: 11/22/2021 Final action: 11/22/2021
Title: A bill for an ordinance making a rescission from the Tourism Improvement District Marketing and Promotion Fund. Rescinds $5,449,733 in the Tourism Improvement District Marketing and Promotion Fund to align the Fund's expending authority with projected revenue. The Committee approved filing this item at its meeting on 11-2-21.
Indexes: Zach Rothmier
Attachments: 1. BR21 1293 DOF LB Companion_Rescission TID, 2. Summary of BMO's Bill Requests, 3. CB21-1293_DOF_LB Companion_Rescission from TID SRF, 4. 21-1293 Filed Bill_DOF_LB Companion_Rescission from TID SRF, 5. 21-1293 - signed, 6. 21-1293 For an ordinance making a rescission from the Tourism Improvement District
Finance Item/Grant Request Template

Date Submitted: 10-22-21

Requesting Agency: Finance
Division:

Subject Matter Expert Name:

Name: Rachel Bardin
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 making a rescission from the Tourism Improvement District Marketing and Promotion Fund.
Rescinds $5,449,733 in the Tourism Improvement District Marketing and Promotion Fund to align the Fund's expending authority with projected revenue. The Committee approved filing this item at its meeting on 11-2-21.
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.
This bill request authorizes a rescission of $5,449,733 from Fund 11868, the Tourism Improvement District Marketing and Promotion Fund, to align the Fund's expending authority with projected revenue. Fund 11868 was established through Ordinance No 183, Series of 2018, in response to a ballot initiative that passed in the November 2017 election. This fund collects a portion of the revenue collected from the approved one percent tax levy on the purchase of lodging within the Tourism Improvement District to support tourism marketing and promotion efforts.

This fund is appropriated and non-lapsing. The appropriation is set annually in t...

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