The tax monies derived from the resort tax may be appropriated by the city council only for those activities, in those proportions, set forth below:
A. Property tax reduction for taxpayers residing in the city in an amount equal to twenty five percent (25%) of the three percent (3%) resort tax revenues derived during the preceding fiscal year;
B. Provision for the repair and improvement of existing streets, storm sewers, all underground utilities, sidewalks, curbs and gutters, in an amount equal to sixty five percent (65%) of the two percent (2%) resort tax revenues derived during the preceding fiscal year;
C. Bicycle paths and other park capital improvements in an amount equal to five percent (5%) of the two percent (2%) resort tax revenues derived during the preceding fiscal year;
D. Repayment of a loan or a bond to finance a portion of the costs of, or to otherwise pay for, the acquisition of the conservation easement or other interests, in and around Haskill Basin in order to protect and preserve water quality and quantity, including the source drinking water supply for the municipal water system of the city of Whitefish, in an amount equal to seventy percent (70%) of the one percent (1%) resort tax revenues to be received in a fiscal year, except that if such portion of resort tax revenues received in a fiscal year is more than is needed in that fiscal year for such loan or bond, the excess will be applied to additional property tax relief in the next fiscal year;
E. Cost of administering the resort tax in an amount equal to five percent (5%) of the three percent (3%) resort tax per year (as provided in subsection 3-3-5C of this chapter).
F. Subsection 3-3-5C of this chapter allows vendors to withhold the five percent (5%) administration fee described above and in section 3-3-5 of this chapter. Therefore, given that the city receives revenue for only ninety five percent (95%) of the resort tax based on vendors' retail value of all applicable goods and services sold, the following distribution formulas apply to the city's receipt and use of tax monies:
1. Property tax reduction of twenty five percent (25%): 26.32 percent of ninety five percent (95%) of resort taxes collected.
2. Repair and improvement of streets, etc.: Was 68.42 percent of the ninety five percent (95%) of the two percent (2%) resort tax, therefore, effective for resort taxes paid for July 2015, and thereafter, 45.61 percent of the three percent (3%) resort tax collections will equal the same as the sixty five percent (65%) of the prior two percent (2%) resort tax collections.
3. Bicycle paths and other park capital improvements: Was 5.26 percent of the ninety five percent (95%) of the two percent (2%) resort tax, therefore, effective for resort taxes paid for July 2015, and thereafter, 3.51 percent of the three percent (3%) resort tax collections will equal the same as the five percent (5%) of the prior two percent (2%) resort tax collections.
4. Bond or loan for Haskill Basin conservation easement: Effective for resort taxes paid for July 2015, and thereafter as provided above, 24.56 percent of the three percent (3%) resort tax collections will equal the same as the seventy percent (70%) of the one percent (1%) resort tax collections, provided that if such amount exceeds the amount needed in a fiscal year for such bond or loan, then the excess will be applied to additional property tax relief in the next fiscal year. (Ord. 15-08, 5-18-2015, eff. 7-1-2015)