There is hereby created and established a special purpose park and recreation facilities impact fee fund (“the park impact fee fund”) to receive park impact fees. All park impact fees and any investment income generated by such fees shall be deposited into the park impact fee fund. Procedures for administration of the funds shall be established by the finance director. These funds shall be expended in accordance with the city’s normal budget procedures subject to the limitations set forth in Section 15.24.080 and RCW 82.02.070. Annually, the city shall prepare a report on the impact fee account showing the source and amount of all monies collected, interest earned, and capital or system improvements that were financed in whole or in part by these impact fees. (Ord. 956-04 § 7).