Finance Item/Grant Request Template
Date Submitted: 4-17-2023
Requesting Agency: Finance
Division:
Subject Matter Expert Name: Eric Scott / Jonathan Rogers
Email Address: eric.scott@denvergov.org / jonathan.rogers@denvergov.org <mailto:jonathan.rogers@denvergov.org>
Phone Number:
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 Federal Revenue” program.
Establishes the Climate Federal Revenue Special Revenue Fund (11889) in General Government Special Revenue Fund Series. The Committee approved filing this item at its meeting on 4-18-2023.
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.
Federal Government. This bill request establishes the “Climate Special Revenue Program Fund”, Fund number 11889 to administer non- Prior to the Inflation Reduction Act of 2022 (IRA), Public Sector and non-profit organizations were excluded from the ability to directly monetize clean energy investment tax credits. The Federal legislation updates § 6417 of the Internal Revenue Code to allow applicable entities, including the City and County of Denver, to elect to receive certain tax credits, including but not limited to the clean electricity investment credit determined under § 48E as a “direct payment”. Denver’s Office of Climate Action, Sustainability, and Resiliency is actively implementing, or in the planning phase, for nearly $46 million of eligible clean energy investments, which could generate approximately $18 million in IRA direct payments from 2023 to 2025.
Due to Federal accounting, reporting, and auditing purposes, the City must create a separate Climate Federal Revenue Fund to receive non-grant revenues originating from the grant revenues originating from the Federal Government for purposes related to building electrification, energy efficiency, solar, battery storage, electric vehicle charging infrastructure, and clean energy transition technical studies. This Special Revenue Fund will be cash-based and non-lapsing. A companion ordinance request to create a Capital Fund that will receive transfers from this fund is also being submitted. Transfers from this SRF will be made to the Capital Fund via the ordinance process as projects are identified and approved.
Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other): Fund creation
Amount:
Budget Year:
Fund and Funding Source (Fund/Org/Grant Number, if applicable):
Grantor (if applicable):
Fund Matching Requirements (if applicable):
Fiscal Impact: