7.04.090 Use of hotel-motel room taxes.
A. On the first business day of July following the close of the preceding fiscal year, hotel-motel room taxes received for the preceding fiscal year will be transferred to the room tax fund. Subsequent closing and audit adjustments to hotel-motel room tax revenues of the preceding fiscal year will be made to the room tax fund as necessary.
B. Transfers to the room tax fund will be made as follows:
1. During the fiscal year ending June 30, 2005, an amount equivalent to 25 percent of the prior year hotel-motel room tax revenues;
2. During the fiscal year ending June 30, 2006, an amount equivalent to 45 percent of the prior year hotel-motel room tax revenues;
3. During the fiscal year ending June 30, 2007, and on each June 30th thereafter, an amount equivalent to 65 percent of the preceding year’s hotel-motel room tax revenues. (Ord. 2003-20-1V § 3, 2004; Ord. 2003-19 § 3, 2003. 2004 Code § 3.01.046.)