HomeMy WebLinkAbout1973 Resolution No. 021I
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RESOLUTION NO . ! , S ERIES OF 1973
RESOLUTION FOR T HK ALLOCATION OF CIT Y S ALES AND USE TAX REVENUES.
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t.h c CP A audit.ine t'l l'm u l.' t.h e City ha s re c omm en d e d t h at th e Council
u :.;ul e :.; aJ1<.1 u :;e Lu x ulluea Llo11 b et wee n f und s in a f o rm al wa y.
NOW, THERE FORE , BE I T RE SOL V ~D BY T HE CITY COUNCIL OF THE CITY OF ENGLEWOOD,
ARAPAHOE COUNTY , COLORADO , as f ollo ws :
Sect ion 1 .
.f ol lows :
Sales and use ta x r e v en u es o f the City of Englewood will be allocated as
Actual sales and use ta x wi l l be al l ocated to the General Fund and the
Public Imp r ovement Fund on t h e basis of percentage of budgeted sales and
us~ ta x r e v e nues in t.h e t wo r capect i v e fund s .
In I.he e v cn L thnt Lot.al a c Lual sa l es a nd u se tax r e venue e x c e e d s t he budgeted
sales and use ta x r e v enues , the n t he Public Improvement Fund will receive as
.455
a maximum that amount b udgete d; any excess will be allocated to the General Fund.
And .furthe r , in the e v en t that the allocation between the two funds results in
he Public Imp r o vement Fund r ece iving less than one-third of the total actual
sales an d use tax r e v enue , the n an a dditional allocation to the Public
Improvement Fund wi ll b e made to e qu al one-third of actual s ale s and use tax
revenue .
The City Manager an d the Di r ec tor of Finance are charged with the administration
o r the a b o v e sect i o n .
AD OPT ED AND APPRO VED Tlll.'.J 14t h DAY OF MAY, 197 3 .
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Mayor /J>-z...~-,
ATTEST :
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I , Ka r l Noll enbe r ge r, e x of fi c io City Clerk of the City of Englewood, State
of Colorado , he r eby ce rt i fy t hat the a bove is a true, accurate, and complete copy of
Resolution No . 21 , Series of 197 3 .