A. Revenues received from the City's system development charges shall be deposited to the appropriate and designated fund and budgeted and expended as provided by State law. The Finance Director shall provide the City Council with an annual accounting based on the City's fiscal year, for system development charges showing the total amount of system development charge revenues collected for each type of facility and the projects funded from each account.

B. The capital improvement plan required by State law as the basis for expending revenues from the improvement fee of the system development charge shall be the City of Wood Village designated Capital Improvement Plan.