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AN ORDINANCE AMENDING ORDINANCE NO. 15-007 (ADOPTED 02/23/2015), PART ONE - ADMINISTRATIVE CODE, TITLE NINE - TAXATION, OF THE CODIFIED ORDINANCES OF THE CITY OF GROVEPORT BY AMENDING CHAPTER 181 - INCOME TAX, SECTION 181.15 - ALLOCATION OF FUNDS AND FURTHER AMENDING ORDINANCE NO. 16-049 (ADOPTED 11/28/2016) WHICH AMENDED THE SAME
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WHEREAS, in order to clarify and update the allocation of income tax collections, and given the need to increase the City's Rainy Day Fund and increase the City's Debt Service Fund reserves, it is necessary to amend the above-referenced Chapter.
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Section 1: That the present Section 181.15 as codified in Chapter 181 - Income Tax is hereby repealed.
Section 2: That new Section 181.15 - 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 $2,000,000. Once the Rainy Day Fund balance is less than $2,000,000, 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 Retirement 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 Improvement Fund thereby satisfying the City’s current...
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