This is basically just as opaque as a charity or HOA, with different steps. Which is great unless your community is poor.
My contention with this concept is that with taxes, I can vote for people that manage both the money gathering rules and how it is spent. That and the money typically works in a much larger pool spread across a wide range of socioeconomic groups, which can vastly improve its reach and capability. On top of all that, it’s also transparent. My guess is this has no such features.