32-2016 December 21, 2016 AN ORDINANCE MODIFYING THE DISTRIBUTION OF EARNED INCOME TAX.
WHEREAS, The Village established a distribution formula for Earned Income Tax in Ordinance No. 03-2016; and WHEREAS, Council desires to modify that formula, with an effective date of January 1, 2017.
NOW THEREFORE, BE IT ORDAINED by the Council of the Village of Woodlawn, Hamilton County, Ohio, majority of all concurring:
SECTION I The Finance Director is hereby authorized and directed to distribute monies received from the Village Earned Income Tax as follows: (A) Eighty Seven Point Two-Six Percent (87.26%) shall be placed in the General Operating Fund 101 (B) Six Point Two-One Percent (6.21%) shall be placed in the Capital Improvement Fund 403 (C) Two Point One-Five Percent (2.15%) shall be placed in the Pool House Bond Retirement Fund 302; and (D) Four Point Three-Eight (4.38%) shall be placed in the Bond Retirement Fund 301.
SECTION II This ordinance repeals and replaces all previous ordinances regarding the distribution of earned income tax in the Village.