Funds collected under the provisions of this chapter shall be applied for the following purpose and in the following order:
(a) Such part thereof as may be necessary to defray cost of collecting the taxes levied by this chapter and the cost of administering and enforcing the provisions hereof.
(1) In the event that the fund balance is more than 120% of the annual budget for the cost of administering and enforcing the tax code, then this provision may be omitted.
(b) No less than ten percent of the net available income tax receipts received annually after application of subsection (a) hereof, shall be used to defray the capital expenses of the City.
(c) The remaining net available income tax receipts received annually, after application of subsection (a) and (b) hereof, may be used to defray operating expenses of the City.
(Ord. 184-08. Passed 11-20-08; Ord. 199-08. Passed 12-30-08; Ord. 115-14. Passed 5-15-14; Ord. 138-15. Passed 6-18-15; Ord. 114-22. Passed 3-24-22.)