Share to Facebook Share to Twitter Bookmark and Share
Record No: CB 119129    Version: Council Bill No: CB 119129
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/20/2017
Ordinance No: Ord 125464
Title: AN ORDINANCE relating to the financing of tax administration system improvements and regulatory licensing systems in the Department of Finance and Administrative Services; authorizing an interfund loan in the amount of $4,692,000 from the Seattle Information Technology Operating Fund to the General Subfund Fund.
Sponsors: Lisa Herbold
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord_125464, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of tax administration system improvements and regulatory licensing systems in the Department of Finance and Administrative Services; authorizing an interfund loan in the amount of $4,692,000 from the Seattle Information Technology Operating Fund to the General Subfund Fund.
body
WHEREAS, the City Council adopted an ordinance, introduced as Council Bill 119083, authorizing a Short-term Rental Tax to be implemented and administered by the Department of Finance and Administrative Services effective January 1, 2019; and
WHEREAS, the City Council adopted an ordinance, introduced as Council Bill 119081, relating to the regulation of short-term rental businesses by the Department of Finance and Administrative Services effective September 30, 2018; and
WHEREAS, certain improvements to current tax administration systems are necessary to implement and administer the Short-term Rental Tax prior to revenue collection; and
WHEREAS, certain improvements to current regulatory licensing and enforcement systems are necessary to implement and administer the regulation of short-term rental businesses prior to revenue collection; and
WHEREAS, the Finance and Budget Directors have determined that this interfund loan is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, regarding use of the proceeds of this interfund loan for one-time operating costs, the City Council has determined that there is no viable alternative available for advancing a core City objective; and
WHEREAS, there is sufficient cash in the Seattle Information Technology Operating Fund to support a loan of up to $4,692,000 through the end of 2020;
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. The City Council finds that there is no viable alternative to meet a core City objective and that consideration by the Debt Manag...

Click here for full text