Supplemental Information

PROJECT SUMMARIES

Below are summary reports for the proejcts contained in the plan. The reports listed below provide an overall perspective of all proejcts.

• Projects by Department
• Projects by Funding Source
• Funding Source Summary
• Projects by Year

Local Option Sales Tax (L.O.S.T.)

In November 2008, residents of the City of Spencer were asked to impose a 1% local sales and service tax on all eligible purchases made within the City of Spencer. The vote passed and the tax became effective January 1, 1999. According to the ballot language that was adopted, the revenue generated by the 1% tax is to be spent as follows:

1) Fifty percent (50%) shall be used for funding of capital improvements as determined by the City Council.

2) Fifteen percent (15%) shall be used for economic and community development as determined by the City Council.

3) Ten percent (10%) shall be allocated to the Clay County Fair Association to be used for capital improvements.

4) Twenty-five (25%) shall be allocated to the Spencer Community Schools District for capital improvements.

Through June 30, 2017, the sales tax has generated $28,921,187 within the City of Spencer. Based on the above distribution, the following amounts have been generated for each purpose:

1) City Capital Improvements - $14,460,594

2) Community / Economic Development - 4,338,178

3) Clay County Fair Association - 2,892,119

4) Spencer School District - 7,230,297

View the L.O.S.T. fund projected cash flow here.

A history of L.O.S.T. receipts is below.

Hotel / Motel Tax

In November 2001, residents of the City of Spencer were asked to impose a hotel and motel tax at the rate of 5% on all rooms in the City of Spencer. The vote passed and the tax became effective January 2, 2002. Under State Law, the revenue generated by the Hotel/Motel tax shall be spent as follows:

1) Each city which levies the tax shall spend at least fifty percent (50%) of the revenues derived therefrom for recreation, convention, cultural or entertainment facilities; or for the promotion and encouragement of tourist and convention business.

2) The remaining revenues may be spent by the city for any purpose authorized by law.

In November 2010, residents were asked to increase the tax from a rate of 5% to 7%. The vote passed and the tax rate change became effective January 1, 2011. The City uses the money generated by the additional 2% increase to fund tourism functions and the Clay County Convention and Visitors Bureau.

Through June 30, 2017, the hotel/motel tax has generated $2,690,481. The revenue from the tax has supported a variety of community projects over the past few years. The chart below shows all of the projects funded since the taxes inception.