A. All fees collected under this chapter shall be deposited in the newly established neighborhood parks development projects fund. The finance director shall establish a separate designated reserve account for neighborhood parks and shall maintain records for the account. All interest earned by the fund shall be allocated to the account. All interest shall be retained in the account and expended for the acquisition of land and the development of neighborhood parks.

B. The finance director shall provide an annual report on or before May 1st of each year for the previous calendar year on the fee account showing the source and amount of the moneys collected, earned or received, and neighborhood park improvements that were financed in whole or in part by the fees. (Ord. 603 § 4, 2003)