City of Albuquerque - File #: EC-20-185

• File #: EC-20-185
• Type: Executive Communication
• Status: Filed
• File created: 10/19/2020
• In control: City Council
• Final action: 11/16/2020
• Title: Report on Uses of 3/8 Hold Harmless Tax

Date	Action By	Action	Result
11/16/2020	City Council	Receipt Be Noted	Pass
11/2/2020	City Council	Accepted with a recommendation Receipt Be Noted
10/27/2020	Public Safety Committee	Sent to Council with a recommendation of Receipt Be Noted	Pass
10/19/2020	City Council	Received and Referred
10/19/2020	President	Referred

INTER-OFFICE MEMORANDUM                                          September 16, 2020

TO:                                          Pat Davis, President, City Council

FROM:                     Timothy M. Keller, Mayor

SUBJECT:

title

Report on Uses of 3/8 Hold Harmless Tax

body

(EXECUTIVE SUMMARY OF BILL/CONTRACT/RFP)

This memo is to report on the uses of the 3/8^th cent GRT Hold Harmless Tax for fiscal year 2020. The tax took effect July 1, 2018 and is was to generate $49.6 million by the close of Fiscal Year 2019.  After taking into account the 1/12^th state required reserve, this left $45.5 million available for appropriation.  The enabling legislation mandates at least 60% of this new tax be spent on improving public safety in the City. 

For the preliminary close of the fiscal year 2020, the City recorded $52.7 million in hold harmless gross receipts tax.  Of that amount, $4 million was held in reserve leaving $48.7 million available for expenditures.  As of June 30, 2020, the total expenditures related to the tax was $49.5 million with $43 million, or 87%, categorized as “Public Safety”. 

(TITLE/SUBJECT OF LITIGATION*** Same as subject line on last page)                                                                    

Approved:                                                      Approved as to Legal Form:

_______________________                                             ____________________________

Sarita Nair                                                    Date                                          Esteban A. Aguilar, Jr.                             Date

Chief Administrative Officer                                                               City Attorney

Recommended:

__________________________________________

Renée Martínez                                                                                    Date

Director