ORDINANCE 2016 – 10
AN ORDINANCE AMENDING COLLECTED INCOME TAX ALLOCATIONS.
WHEREAS, The City of Newton Falls has previously established an Ordinance to allocate the income tax funds collected during the fiscal year; and
WHEREAS, The City of Newton Falls has closed the day-to-day operation of the Community Center as of January 1 2016; and
WHEREAS, The present allocation in the amount 10% to Parks and Recreation is no longer required; and
WHEREAS, City Council deems it necessary and in the best interest of the City to amend the existing 10% Parks and Recreation Income Tax Allocation to apply 1.5% to Parks and Recreation, 80% to General Fund and 10.5% to Street Construction, Maintenance and Repair Fund.
THE COUNCIL OF THE CITY OF NEWTON FALLS, STATE OF OHIO, HEREBY ORDAINS:
Section I: The Income Tax Collections shall be allocated beginning the fiscal year 2016 and thereafter as follows:
80 % General Fund
10.5 % Street Construction, Maintenance and Repair Fund
5 % Capital Improvement Fund
1.5 % Parks and Recreation Fund
1 % Building Fund
2 % General Fund Reserve Fund
Section II: Any ordinances or parts of ordinances in conflict with the context of this ordinance are hereby repealed.
PASSED IN COUNCIL THIS ______ DAY OF NOVEMBER, 2016.
Mayor, Lyle Waddell
Clerk of Council