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Comprehensive Plan Capital Improvements Element <br />(6) Pledge the revenues to secure and liquidate revenue bonds issued by the county, <br />subject to certain limitations. <br />Figure 6.7 shows the Tourist Development Tax revenue received by Indian River County over the <br />last six fiscal years. Over that time period, tourist tax revenue received by Indian River County <br />fluctuated based on market conditions, but had an overall increase of 2.77%. <br />• Local Option Fuel Tax <br />Local goverinnents are authorized to levy up to <br />twelve cents of local option fuel taxes in the <br />form of three separate levies. These levies are* <br />➢ a one to six cent local option <br />fuel tax; <br />➢ a one to five cent local option <br />fuel tax; and <br />➢ a ninth cent fuel tax. <br />Indian River County currently imposes the full <br />six cents of the one to six cent fuel tax. This <br />tax applies to every net gallon of motor and <br />diesel fuel sold within a county. The one to <br />six cent fuel tax may be authorized by an <br />ordinance adopted by a majority vote of the <br />governing body or voter approval in a county- <br />wide referendum. Generally, the proceeds may <br />be used to fund transportation expenditures. <br />$4,000 <br />$3,500 <br />$3,000 <br />$2,500 <br />$2,000 <br />$1,500 <br />$1,000 <br />$500 <br />Figure 6.8: Local Option Fuel Tax <br />Revenue <br />2002 2003 2004 2005 2006 2007 <br />Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Table 6.1 shows that local option fuel tax revenue represented 1.14% of all funds collected by Indian <br />River County foi FY 2006/07. Figure 6.8 shows that local option fuel tax revenue for the county has <br />decreased overall by 13.63% over the last six fiscal years. This is in part due to a significant increase <br />that occurred in FY 2001/2002, and then a moderation in FY 2002/2003. That large increase in FY <br />2001/2002 shown in Figure 6.8, can be attributed to a delay in the county distributing funds to the <br />municipalities. Because of a dispute over allocations, money from the prior fiscal year was held until <br />the dispute was resolved. <br />All sixty-seven Florida counties levy a portion of the original local option fuel tax. Sixty-five <br />counties levy the full $0.06, while the remaining two counties levy a portion of the tax. <br />Community Development Department Indian River County <br />Supplement #13; Adopted November 18, 2008, Ordinance 2008-018 9 <br />