193.12 ALLOCATION OF FUNDS.

   Effective January 1, 2017 funds collected under the provision of this chapter shall be deposited in the City Income Tax Administration Fund, and the funds shall be disbursed as follows.

   (a)   The part necessary to defray all costs of collecting the taxes, and the cost of administering and enforcing the provisions hereof.

   (b)   The balance shall be disbursed, appropriated, and allocated as follows.

      (1)   Eighty percent (80%) to the General Fund.

      (2)   Twenty percent (20%) to the CIT Fund - Capital Improvements Restricted Account.

   (c)   A special windfall tax collection provision is hereby enacted and defined as being business income tax collections that exceed the Auditor's estimate for business income tax collections for that calendar year. In such an event, fifty percent (50%) of the windfall collections shall be allocated and go to the rainy day fund, and the other fifty percent (50%) shall be allocated and go to the "CIT Fund - Capital Improvements Restricted Account". When the balance in the Rainy Day Fund reaches one million dollars ($1,000,000.00), all windfall collections received thereafter are hereby allocated to the "CIT Fund - Capital Improvements Restricted Account".

(Ord. 2017-008. Passed 1-17-17.)