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Council records allocation for new FIT and commercial vehicle excise income
Summary
Council members voted to record the existing allocation percentages for recently changed revenue streams (76% general, 20% street, 4% cumulative capital development) after a legislative change broadened allowable uses.
Council recorded the allocation of recently received state legislative revenue (financial institution tax and commercial vehicle excise) and confirmed continuing the same percentage split used previously.
The clerk/treasurer explained a legislative change permits flexible use of these funds and requested the council make a formal record that the city will keep existing allocations: 76% to general, 20% to streets and 4% to cumulative capital development. “I just would like to keep the same funds,” the clerk said, explaining the request was intended to ensure clear records for auditing.
A council member moved to record those allocation percentages; the motion was seconded and approved by voice vote.
