HomeMy Public PortalAboutAB 22-027 Excess LOT discussionMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 22-027
Meeting Date January 27, 2022
AGENDA ITEM INFORMATION
SUBJECT:
Update on Use of Tourism Local Option Tax Revenues Received in Excess of Budgeted Expenditures
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Originator
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
$53,829
Parks and Recreation
FUNDING SOURCE:
Tourism Local Option Tax
Airport
Library
TIMELINE:
FY21
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
After final reconciliation of the FY21 Tourism Local Option Tax collections, distributions, and refunds there are $53,829 of LOT funds remaining. These funds are in excess of what was
budgeted to be received and distributed in the FY21 budget. The use of these funds is governed by our Local Option Tax Ordinance:
4. 12. 8: CREATION OF PROPERTY TAX RELIEF FUND:
Pursuant to Idaho Code Section 50- 1045, there is hereby created in the office of the City Clerk a
fund to be designated as the " municipal property tax relief fund." Any revenues collected under
this Chapter in excess of the amount budgeted by the City Council for the use of said revenues
shall be placed by the City Clerk into the municipal property tax relief fund. Such excess
revenues shall be used to replace city property taxes in the ensuing fiscal year by the amount of
all excess revenues placed in said municipal property tax relief fund.
Staff will therefore account for these funds as a property tax levy offset in the creation of the FY23 budget. A letter was received from the Housing Advisory Committee requesting $20,000
from the excess LOT funds for housing related projects. The City Manager has responded to let them know of the Ordinance requirements.
RECOMMENDED ACTION:
No action, information only
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION