ITEM TITLE:
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Consider approving a resolution amending the City of Lawton FY22-23 budget by appropriating up to $1,547,164.13 to Engineering’s Special Revenue Fund Construction, Improvements and Additions account to fund the replacement of existing sidewalks and construction of new sidewalks throughout the City.
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INITIATOR: Joe Don Dunham, Finance Director
STAFF INFORMATION SOURCE: Joe Don Dunham, Finance Director
BACKGROUND: Ordinance No. 22-15, passed on June 14, 2022, amended City Code Section 10-2-205 by eliminating the reference to a “LETA” account and instead stating that tax collected from the sale of medical marijuana and medical marijuana products shall be deposited in a separate City account. LETA paid the City of Lawton $1,087,034.13, which was the balance of LETA’s medical marijuana account. The City estimates it will collect an additional $460,130.00 in tax from the sale of medical marijuana and medical marijuana products. A budget amendment is needed to appropriate up to $1,547,164.13 to fund the replacement of existing sidewalks and construction of new sidewalks throughout the City.
EXHIBIT: Resolution No. 22-_____
KEY ISSUES: None
FUNDING SOURCE: Medical marijuana funds previously held by LETA; Sales tax collected from the sale of medical marijuana and medical marijuana products during FY23
STAFF RECOMMENDED COUNCIL ACTION: Approve Resolution No. 22-_____ amending the FY22-23 budget by appropriating up to $1,547,164.13 to Engineering’s Special Revenue Fund Construction, Improvements, and Additions account to fund the replacement of existing sidewalks and construction of new sidewalks throughout the City.