The funds disbursed to the City of Groveport under the provisions of this chapter shall be distributed in the following order:
(a) One hundred fifty thousand dollars ($150,000) of the funds collected (or $12,500 per month) under this chapter shall be applied to the Rainy Day Fund (218) so long as the balance in the Rainy Day Fund (218) does not exceed three million dollars ($3,000,000). Once the Rainy Day Fund balance is less than three million dollars ($3,000,000), funds shall be allocated to the Rainy Day Fund the following month.
(b) Five percent (5%) of total income tax collections, net of the allocation to the Rainy Day Fund, received annually shall be recorded in the Debt Service Fund thereby satisfying the City's current and future outstanding debt obligations. Included in this amount shall be those costs necessary for administering income taxes and enforcing provisions thereof.
(c) Ten percent (10%) of total income tax collections, net of the allocation to the Rainy Day Fund, received annually shall be recorded in the Capital Projects Fund thereby satisfying the City's current and future capital improvement needs. Included in this amount shall be those costs necessary for administering income taxes and enforcing provisions thereof.
(d) Eighty five percent (85%) of total income tax collections, net of the allocation to the Rainy Day Fund, shall be recorded in the General Fund and may be used for operating expenditures and any other expenditure considered a proper public purpose. Included in this amount shall be those costs necessary for administering income taxes and enforcing provisions thereof.
(Ord. 2021-038. Passed 8-9-21.)