Initiated Ordinance 300 -

Summary

SHALL DENVER SALES AND USE TAXES BE INCREASED $13.9 MILLION ANNUALLY, COMMENCING JANUARY 1, 2019, AND BY WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER THROUGH DECEMBER 31, 2030, FROM AN EIGHT ONE-HUNDREDTHS OF ONE PERCENT (.08%) SALES AND USE TAX RATE (ABOUT A PENNY ON A TEN DOLLAR PURCHASE), TO INCREASE COLLEGE ENROLLMENT AND DEGREE COMPLETION BY DENVER RESIDENTS WHO ARE EARNING A DEGREE FROM A PUBLIC OR NOT-FOR-PROFIT COLLEGE, UNIVERSITY, COMMUNITY COLLEGE, OR TECHNICAL SCHOOL IN COLORADO THROUGH: · FUNDING SCHOLARSHIPS; AND · FUNDING SUPPORT SERVICES TO PROMOTE COMPLETION OF THAT DEGREE, INCLUDING CAREER AND ACADEMIC COUNSELING, TUTORING, MENTORING, AND FINANCIAL AID ASSISTANCE; PROVIDED THAT THE TAX EXPIRES IN TWELVE YEARS, THAT NO MORE THAN 5% OF FUNDS GENERATED IN ANY ONE YEAR BE SPENT ON ADMINISTRATIVE COSTS, THAT A REPORT FOR THE PROGRAM BE SUBMITTED ANNUALLY TO THE MAYOR, CITY COUNCIL, CITY AUDITOR, AND THE PUBLIC; AND SHALL THE REVENUES FROM THESE INCREASED TAXES BE COLLECTED, RETAINED, AND SPENT BY DENVER WITHOUT REGARD TO ANY EXPENDITURE, REVENUE-RAISING, OR OTHER LIMITATION CONTAINED WITHIN ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?