All money derived from the license taxes under the provisions of this subchapter shall be paid to the city and placed as follows:
(A) All proceeds raised from the $50 minimum license fee shall be deposited to the General Fund of the City of Wilmore and shall have their own collective revenue and expense account numbers within the General Fund.
(B) The revenue generated by the 2% payroll tax shall be utilized first for the satisfaction of current debt service on all water and wastewater revenue obligations of the City of Wilmore, including required reserves, accruals, cost of operation and maintenance of the combined water and wastewater system and any and all new commitments which may be entered into by the city relative thereto, to the extent not satisfied from water and wastewater revenues.
(C) On an annual basis, at the conclusion of the annual audit, the Auditor for the City of Wilmore shall certify in writing to the Wilmore City Council the amount of surplus, if any, in the account or fund described in the preceding paragraph which is over and above all other costs set out above. This surplus may then be transferred to the General Fund of the City of Wilmore, KY, for general operating expenses.
(D) At that time and based upon the figures submitted by the Auditor for the City of Wilmore, the Wilmore City Council may transfer all or a portion of that designated surplus from the 2% payroll and net profits tax revenue to the Wilmore General Fund.
(Ord. 10-17, passed 11-20-2017)