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Comprehensive Plan Capital Improvements Element <br />Cent Fuel Tax include transportation expenditures needed to meet the requirements of the Capital <br />Improvements Element of the Comprehensive Plan. <br />A Professional Sports Franchise Facility Tax is a levy of up to 1% on any lodging agreement for six <br />months or less, within Indian River County. Revenue from this tax may be used to pay the debt <br />service on bonds issued to finance the construction, reconstruction, or renovation of a professional <br />sports franchise facility. <br />State Sources <br />Revenue classified as state sources may be generated locally but collected by the state and returned to <br />the county. For example, state sources may originate from state general revenues and be shared by the <br />state according to state revenue allocation formulas. Table 6.1 displays the state revenue sources <br />applicable to Indian River County. These sources are described in further detail below. <br />• Local Government Half -Cent Sales Tax <br />The Local Government Half Cent Sales Tax <br />Program allocates 8 814% of net sales tax <br />proceeds remitted by sales tax dealers in a <br />county to a special account administered by <br />the Department of Revenue; this account is <br />the Local Government Half Cent Sales Tax <br />Clearing Trust Fund. These funds are then <br />earmarked for distribution to the governing <br />body of the county and each municipality <br />within the county Distribution of these <br />monies within the county is determined by a <br />formula that uses a weighting factor based <br />on the population of the incorporated and <br />unincorporated areas and multiplies this <br />factor by 8.814% of the sales tax proceeds <br />received for the county. In FY 2003/04, <br />Indian River County received $7,564,000 <br />through the half -cent sales tax. As shown in <br />table 6.1, that amount represented 3.76% of all funds collected by Indian River County during the <br />2003/04 fiscal year. <br />Figure 6.10: Half Cent Sales Tax Revenue <br />$8,000 <br />$7,000 <br />$6,000 <br />$5,000 <br />$4,000 <br />$3,000 <br />$2,000 <br />$1,000 <br />$- <br />1999 2000 2001 2002 2003 2004 <br />Revenue (in thousands) <br />source <br />Indian River County Finance Department <br />Figure 6.10 displays the funds made available to Indian River County through the half -cent local <br />government sales tax over the last six fiscal years. Over those six fiscal years, Indian River County's <br />half -cent sales tax revenue increased 28.810/43. <br />Community Development Department <br />Supplement #6; Ordinance 2003-017 <br />Indian River County <br />13 <br />