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AN ORDINANCE AMENDING ORDINANCE NO. 2023-043 (ADOPTED 11/27/2023) , PART ONE - ADMINISTRATIVE CODE, TITLE NINE - TAXATION, OF THE CODIFIED ORDINANCES OF THE CITY OF GROVEPORT BY AMENDING CHAPTER 182, SECTION 182.013 - INCOME TAX
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WHEREAS, in order to clarify and update the allocation of income tax collections, it is necessary to amend the above-referenced Chapter and Section of the Groveport Income Tax Code.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF ITS MEMBERS CONCURRING:
Section 1: That new Section 182.013 - Allocation of Funds shall provide as follows:
The funds disbursed to the City of Groveport under the provisions of this chapter shall be distributed in the following order:
a. One Hundred Fifty Thousand Dollars ($150,000) of the funds collected (or $12,500 per month) under this chapter shall be applied to the Rainy Day Fund (218) so long as the balance in the Rainy Day Fund (218) does not exceed $3,000,000. Once the Rainy Day Fund balance is less than $3,000,000, funds shall be allocated to the Rainy Day Fund the following month.
b. Ten percent (10%) of total income tax collections, net of the allocation to the Rainy Day Fund, received annually shall be recorded in the Debt Service Fund thereby satisfying the City’s current and future outstanding debt obligations. Included in this amount shall be those costs necessary for administering income taxes and enforcing provisions thereof.
c. Ten percent (10%) of total income tax collections, net of the allocation to the Rainy Day Fund, received annually shall be recorded in the Capital Projects Fund thereby satisfying the City’s current and future capital improvement needs. Included in this amount shall be those costs necessary for administering income taxes and enforcing provisions thereof.
d. Eighty percent (80%) of total income tax collections, net of the allocation to the Rainy Day Fund, shall be recorded in ...
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