(a) All receipts collected under this chapter shall be deposited with a bank having an effective depository agreement with the Municipality.
(b) The base tax, as defined in Section 880.03, collected under this chapter shall be disbursed by the Director of Finance in the following manner:
(1) First, such part thereof as is necessary to defray all expenses of collecting the tax and of administering and enforcing this chapter shall be paid.
(2) Income tax funds available shall be disbursed in the following manner;
Office on Aging Fund | $175,000 per year |
City Income Tax Fund | 6.00% of collections |
Police Facility Operating Fund | $200,000 per year |
General Fund | Balance Remaining |
(c) Funds which are attributable to the additional tax, as defined in Section 880.03, collected under this chapter, shall be disbursed by the Director of Finance in the following manner:
(1) First, such part thereof as is necessary to defray all expenses of collecting the tax and of administering and enforcing this chapter shall be paid.
(2) Income tax funds available shall be disbursed in the following manner;
A. At least 40% of the collections shall be placed in the General Fund;
B. Up to 40% of the collections shall be placed in the SCM&R Fund; and
C. Up to 20% of the collections shall be placed in the Storm Water and Drainage Fund.
(d) The Director of Finance shall be solely responsible for the proper allocation and disbursement of the income tax revenues in accordance with subsections (b) and (c) of this section.
(e) (1) In order to apprise Council and the Mayor as to the current status of the Income Tax Fund, a financial statement shall be prepared each month by the Director of Finance, showing the amount of income tax receipts received, the proportions of allocation and the expenditures for the current month.
(2) A copy of such financial statement shall be given to the Mayor and each Council Member for their study and review.
(Ord. 1988-147. Passed 7-18-88; Ord. 1988-276. Passed 12-5-88; Ord. 91-35. Passed 2-5-91; Ord. 92-56. Passed 3-17-92; Ord. 93-51. Passed 3-16-93; Ord. 94-32. Passed 3-29-94; Ord. 95-41. Passed 3-21-95; Ord. 96-52. Passed 3-20-96; Ord. 99-38. Passed 2-16-99; Ord. 2000-31. Passed 3-8-00; Ord. 01-11. Passed 3-6-01; Ord. 02-14. Passed 3-19-02; Ord. 03-26. Passed 3-4-03; Ord. 04-53. Passed 3-30-04; Ord. 05-17. Passed 3-15-05; Ord. 06-34. Passed 3-21-06; Ord. 06-107. Passed 9-5-06; Ord. 07-30. Passed 3-20-07; Ord. 09-16. Passed 2-17-09; Ord. 09-81. Passed 7-21-09; Ord. 09-112. Passed 11-4-09; Ord. 10-32. Passed 3-16-10; Ord. 10-161. Passed 12-21-10; Ord. 11-34. Passed 3-15-11; Ord. 12-66. Passed 4-17-12.)