Title
Amending the City's 2021 Sales Tax Special Fund Budget to reflect the final 2020 sales tax collections and to adjust several loan repayments.
Body
WHEREAS, the City collected $612,893 more in revenue than projected in the 2020 amended budget for sales tax collections adopted December 9, 2020; and
WHEREAS, staff evaluated loan repayment revenue in the City sales tax program including actual receipts impacted by the COVID-19 pandemic leading to a projected loss of $279,650 in 2021; and
WHEREAS, the spending and financing plans in the City sales tax budget need to be updated to reflect the above budget collections and reduced loan payment revenues; and
WHEREAS, the Neighborhood STAR budget will be increased by $271,953 and the Cultural STAR budget will be increased by $61,289; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, certifies that there are unencumbered funds of $333,243 in the City’s sales tax special fund budget that may be appropriated; NOW
THEREFORE, BE IT RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor that $333,243 is available for appropriation in the City Sales Tax Special Fund Budget, that said budget, as heretofore adopted by Council, is hereby further amended by the particulars as specified in the attached financial analysis.