The funds collected under the provisions of any municipal income tax in the city shall be deposited in a special fund known as the Income Tax Revenue Fund. Disbursements of moneys from this fund shall be made as follows.
(A) First, funds shall be allocated to defray all expenses of collection, administration and enforcement of the income tax and the provisions of this chapter.
(B) Second, a minimum of 7% of the tax revenues shall be allocated and assigned to the city parks and recreation program. Such funds shall be appropriated first to capital expenditures, that is, the purchase of property, building construction or other improvements with a life of five years or longer; provided that if the total expended funds for such capital expenditures are less than the total funds available for capital expenditures, up to 15% of the 7% of income tax revenues available annually may be expended for the city’s parks and recreation special events and programming. Any unused funds shall, on an annual basis, be assigned to a fund for use only for future capital expenditures, special events and programming in support of the city’s parks and recreation program on the same allocation basis set forth in this section. This provision shall be reviewed by the Charter Review Commission as specified in the time period mandated in § 9.2 of the Charter.
(C) Third, funds shall be allocated as required to defray expenses of the general fund of the city.
(Prior Code, § 880B.013) (Ord. 2015-15, passed 11-10-2015)