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Council designates distribution plan for FIT and CVET, records amounts
Summary
Council approved Resolution 26R-06 to allocate Financial Institutions Tax ($99,105) and Commercial Vehicle Excise Tax ($284,393) across levy funds as requested by the city controller; resolution passed 9–0.
The council adopted Resolution 26R‑06 to designate how the Financial Institutions Tax (FIT) and Commercial Vehicle Excise Tax (CVET) distributions for the 2025 fall distribution will be deposited among city levy funds. A council member reported the FIT totals $99,105 and CVET $284,393 and said the controller requested the distributions be deposited to various levy funds according to the percentage of property taxes they receive.
Council discussed the statutory requirement prompting the change and then called roll for the resolution. The measure passed unanimously 9–0. The action reassigns these specific tax-distribution amounts to dedicated levy funds rather than the general fund as part of the city’s accounting practices.
