Laserfiche WebLink
OUTSIDE AGENCY FUNDING POLICY <br /> f. If the organization has an annual review, compilation , or audit completed by an <br /> independent certified public accountant , a copy must be submitted with the <br /> application . <br /> g . In accordance with this policy, if an agency received $25 , 000 or more from the <br /> County for the prior year, then the agency must have an audit completed by an <br /> independent certified public accountant at the end of the fiscal year for the agency. <br /> A copy of this audit must be submitted to the Indian River County Office of <br /> Management and Budget within 120 days after the end of the agency's fiscal year. <br /> If an audit required by this policy for a previous year is past due and has not been <br /> submitted by May 1St , then any application for funding for the next year will be <br /> declined . <br /> 5 . During a public meeting (typically scheduled in May) , the Tourist Development Council <br /> (TDC) will review all applications for funding . At that meeting , the TDC will vote on and <br /> approve a recommended level of funding for each agency. The aggregate amount of <br /> funding approved for all agencies will equal total revenues for the Tourist Development <br /> Fund ( Fund 119 ) as projected by the Office of Management & Budget. <br /> 6 . Subsequent to the TDC meeting , the Office of Management & Budget will present the TDC <br /> recommendation to the Board of Commissioners for approval . The approved funding <br /> recommendations will be incorporated into the County Administrator's recommended <br /> budget for the next fiscal year. <br /> 7 . In September each year, the Board of Commissioners holds a Preliminary Budget Hearing <br /> and a Final Budget Hearing in order to legally adopt the Operating Budget for the next <br /> fiscal year. Each of these is a public hearing , and is advertised to the public prior to the <br /> meeting . Once the budget is legally adopted , the Budget Office will then notify each <br /> agency of its allocation . <br /> B . Tourist Development Agency Funding Levels <br /> 1 . The aggregate amount of funding available for Tourist Development agencies is <br /> determined directly by the amount of Tourist Tax for a given fiscal year. 1 - 1 /2 cents out of <br /> the total 4 cents of Tourist Development Tax levied in Indian River County is allocated to <br /> these agencies each year. <br /> 2 . The Office of Management & Budget will develop revenue projections for the Tourist <br /> Development Fund for next fiscal year, prior to the TDC meeting in May. This revenue <br /> estimate will set the maximum allocation for all agencies . <br /> 3 . Allocations for individual agencies will be recommended by the TDC to the Board of <br /> Commissioners . Decisions to fund new agencies , to discontinue funding to current <br /> agencies , and to change allocations to current agencies will be at the discretion of the TDC <br /> and finally, the Board of Commissioners . <br /> 4 . In order to receive funding , an agency must promote , enhance , or attract tourism in Indian <br /> River County. <br /> 5 , Indian River County currently has an agreementwith the Indian River County/ Vero Beach <br /> Chamber of Commerce designating the Chamber as the County's tourist development <br /> Approved 2/ 19/02 <br /> Page 8 <br />