The funds collected under the provisions of this chapter shall be deposited in the Income Tax Revenue Fund and such funds collected from January 1, 20231 through December 31, 2023 shall be disbursed in the following manner:
(a) Such part thereof as shall be necessary to defray all costs of collecting the taxes and the cost of administering and enforcing the provisions thereof.
(b) Not more than eighty-one percent (81%) of the net available income tax receipts received annually may be used to defray operating expense of the City.
(c) At least nineteen percent (19%) of the net available income tax receipts received annually shall be set aside and used for capital improvements for the City including, but not limited to, development and construction of storm sewers and street improvements; for public buildings, parks and playgrounds; and for equipment necessary for the Division of Police and Fire and the Departments of Public Service and Public Safety; and all street lighting necessary for the City.
(d) The five-tenths of one percent (0.5%) municipal income tax rate commencing July 1, 1988, is to be set aside and allocated for the purpose of operating and maintaining the safety forces.
(e) The one-tenth of one percent (0.1%) municipal income tax rate commencing January 1, 2015, is to be set aside and allocated for the purpose of operating and maintaining the safety forces.
(f) The four-tenths of one percent (0.4%) municipal income tax rate commencing January 1, 2015, is to be set aside and allocated for the purpose of expenditures for capital improvements for the development and construction of street improvements and storm sewers; for parks and playgrounds; and for all City lighting necessary.
(g) The five-tenths of one percent (0.5%) municipal income tax rate commencing January 1, 2020, is to be set aside and allocated for the purpose of operating and maintaining the safety forces. (Ord. 12-97-2022. Passed 12-27-22.)