Agenda Date: 08/01/2017
Subject:
Title
A resolution of the city council of the City of Littleton, Colorado, referring to the registered electors of the City of Littleton, Colorado, a question authorizing the city to retain and spend all taxes, grants and other revenues received in 2016 in excess of its revenue/expenditures limitation as provided in Article X, Section 20, of the Colorado Constitution, commonly known as Amendment one or the TABOR Amendment.
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Presented By:
Tiffany Hooten, Finance Director
POLICY QUESTION:
Does city council support referring a ballot question to registered electors authorizing the city to retain the 2016 TABOR excess revenue for capital projects?
BACKGROUND:
City council discussed this issue on July 25, 2017 and directed staff to prepare two resolutions with ballot questions relating to the Taxpayer's Bill of Rights (TABOR). One resolution is to retain the 2016 TABOR excess for capital projects and the second resolution is to adjust the base. Additionally, council directed staff to specify two capital projects to be funded if approved by voters: pavement improvement initiative for residential streets and intersection safety upgrades at Bowles Avenue and Federal Boulevard.
For the fiscal year ended December 31, 2016, Littleton's revenue exceeded the TABOR limit. The $1,937,904 excess must be refunded in the following fiscal year unless voters approve a revenue change as an offset.
The city council must decide by the end of the year to either: 1) refund the excess revenue in some manner or, 2) ask voters to keep the money to spend on local projects or services.
TABOR, imposes revenue restrictions on state and local governments. A provision within TABOR allows voters to remove these restrictions, either temporarily or permanently. The permanent removal of TABOR revenue restrictions is commonly known as "de-brucing." There are very few municipalities in Colorado that are not permanently "de-bruced." Littleton is one.
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