To provide funds for the purposes of general municipal operations, maintenance of equipment, new equipment, extension and enlargement of municipal services and facilities, and capital improvements of the City there is hereby levied a tax of 1.25 percent per annum effective January 1, 2004, on salaries, wages, commissions and other compensation and on net profits as hereinafter provided in this chapter, with 0.25 percent of total income tax collections, net of collection costs, restricted for street, storm water, and utility construction, maintenance, repair and improvements. (Ord. 114-03. Passed 7-28-03.)