(A) Creation of Fund. The town hereby creates and establishes a special fund known as the “Local Income Tax – Public Safety Fund (Fund 2240) into which all monies in the form of public safety local income tax (LIT) distributions shall be deposited.
(B) Purpose of Fund. The primary purpose of the Fund is to accurately track the receipts of the public safety local income tax and the disbursements of the Fund for public safety purposes.
(C) Responsibility of Fund. The Town Fiscal Officer shall be responsible for the deposits and disbursements of the Fund and shall keep records as to the disbursements, receipts, and current balance in such Fund at all times.
(D) Deposit of Funds. Upon receipt of the public safety distribution of local income taxes, the Town Fiscal Officer shall immediately deposit all receipts into the Local Income Tax – Public Safety Fund.
(E) Disbursement of Funds. The Town Fiscal Officer is directed to only disburse Funds from the Local Income Tax – Public Safety Fund created hereunder upon a receipt of a claim approved by the Town Council.
(F) Limitation on the use of Funds. Any funds placed in the Local Income Tax – Public Safety Fund may not be withdrawn except for the purposes for which the Fund was created.
(Ord. 01-2023, passed 2-13-2023)