AFTER RESERVES REACH $7 MILLION
The mayor/city council unanimously voted to earmark one cent of the city's 2 cent sales tax to go towards debt reduction and for building infrastructure; but only after the emergency reserve fund reaches $7 million. Reserves are reportedly close to that amount now.
The other one cent will continue to go to the general fund, as before.
WAL MART TOP CONTRIBUTOR
Since its inception in 2009, yearly sales tax receipts have totaled about $4.6 million/yr. -- with the lion's share provided by the Wal Mart Supercenter -- even though it is outside of the city limits-- and taxed at half the rate.
The mayor/city council unanimously voted to earmark one cent of the city's 2 cent sales tax to go towards debt reduction and for building infrastructure; but only after the emergency reserve fund reaches $7 million. Reserves are reportedly close to that amount now.
The other one cent will continue to go to the general fund, as before.
i Secdon 2. That the Treasurer for the City of Fairhopc is hereby instnrcted and
enporf,a. monttly to transfer any balance in excess of $7,000,000.00 in the Special Tax
Reserye Account according to thc following distribution:
I
l.l Deposit one-half (ll2) of each month's cxc€ss over $7,000,000.00 (if any) into a
i Gencral Fund Reserve Account, specifically designated as Gencral Fund Debt Pre-
I payment Account. Funds in this General Fund Debt Pre-payment Account are to be
i
usod only for pr€-payment of existing debt of the Gcncral Fund.
I
2.1 Dcposit onc-half (l/2) of each month's excess over $7,000,000.00 (if any) into a
I Gcneral Furd Rescrve Account, specifically designated as lnfrastructure
I Improvemcnt Spccial Account. Fmds in this Infrastructure Improvement Special
i Accourt ar€ to be used only for improverncnts to City streets, sidcwalks, parks, and
i
UuininS, as approved by vote of the City Council.
WAL MART TOP CONTRIBUTOR
Since its inception in 2009, yearly sales tax receipts have totaled about $4.6 million/yr. -- with the lion's share provided by the Wal Mart Supercenter -- even though it is outside of the city limits-- and taxed at half the rate.
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