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', � �. , . <br /> .� � , <br /> FINANCIAL MANAGEMENT DEPARTME T <br /> #2007-41 <br /> DATE: May 29, 2007 � <br />' TO: Honarable Mayor and City Council <br /> FROM: Steve Garma ty Manager ' <br /> Ron Neufeld i ance Director <br /> SUBJECT: Ordinance Amending Hotel Use ax <br /> SUMMARY RECOMMENDATION: <br /> It is recommended by staff that the City Council approve the attache amendatory ordinance, <br /> which extends the termination date of the additional2% Hotel Use T x that currently goes to <br /> the Looking for Lincoln Fund. <br /> BACKGROUND: <br /> On July 22, 2002 the City Council adopted Ordinance No. 2002- 3, which increased the <br /> hotel tax from 4% to 6% and established an August 31, 2007 termin tion date at which time <br /> the rate would revert back to 4% and no additional tax would be de osited into the Looking <br /> for Lincoln Fund. The attached amendatory ordinance extends th t date by two years, to <br /> August 31, 2009 and authorizes the deposit of the additional2% into he Looking for Lincoln <br /> Fund. <br /> POTENTIAL OBJECTION: There are no known o jections to this <br /> ordinance. <br /> INPUT FROM OTHER SOURCES: None <br /> STAFF REFERENCES: <br /> The Finance Director, Ron Neufeld will be in attendance at the ity Council meeting to <br /> answer any questions of the City Council on this item. <br /> BUDGET/TIME IMPLICATIONS: <br /> The 2007-2008 Budget assumes the continuation of the 6% hotel t with 2% or $236,000 <br /> being deposited into the Looking for Lincoln Fund. Without the app oval of this amendatory <br /> ordinance, the tax would revert back to 4% and the amount of tax eing deposited into the <br /> Looking for Lincoln Fund would be reduced from $236,000 to $98,0 0 to reflect five months <br /> of taxes rather than twelve. <br />