ITEM TITLE:
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Consider approving a Resolution, repealing and replacing Resolution No. 24-126 specifying the revised intent of the Mayor and Council of the City of Lawton, Oklahoma regarding the
extension of the term of the existing excise tax of two and one-eighth percent (2.125%) as approved by the registered voters of the City of Lawton, Oklahoma at an election held for such purpose on August 27, 2024.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: On August 27, 2024, Lawton voters approved an extension of the term of the existing excise tax of two and one-eighth percent (2.125%). In connection with the voters’ approval, a Resolution of Intent was adopted by the City Council. This resolution set out the specific projects and operational expenditures the proposed sales tax will fund. The proposed Resolution of Intent, which repeals and replaces Resolution No. 24-126, expresses the revised administrative intent of the Council by allocating $8,425,974.94 to Section (D)(14) “Contingency Fund”. Pursuant to Section 4 hereof, these allocations are being made, following input from citizens at no less than two open meetings of the Council, due to one-time annual excesses of revenue from July 2020 to June 2024.
EXHIBIT: Proposed Final Resolution No. 24-_____; Proposed Resolution with changes
KEY ISSUES: N/A
FUNDING SOURCE: 2019 Capital Improvement Sales Tax
STAFF RECOMMENDED COUNCIL ACTION: Approve Resolution No. 24-_____.