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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 50.45%. <br />a Local Option Fuel Tax <br />Local governments are authorized to levy <br />up to twelve cents of local option fuel taxes <br />in the form of three separate levies. These <br />levies are: <br />➢ a one to six cent local <br />option fuel tax; <br />➢ a one to five cent local <br />option fuel tax; and <br />➢ a ninth cent fuel tax. <br />Indian River County currently imposes the <br />full six cents of the one to six cent fuel tax. <br />This tax applies to every net gallon of <br />motor and diesel fuel sold within a county. <br />The one to six cent fuel tax may be <br />authorized by an ordinance adopted by a <br />majority vote of the governing body or Source: Indian River County Finance Department <br />voter approval in a county -wide <br />referendum. Generally, the proceeds may be used to fund transportation expenditures. <br />Table 6.1 shows that local option fuel tax revenue represented 1.33% of all funds collected by Indian <br />River County for FY 2004/05. Figure 6.8 shows that local option fuel tax revenue for the county has <br />increased overall by 17.65% over the last six fiscal years, with a significant increase occurring in FY <br />2001/2002, and then a moderation in FY 2002/2003. That large increase in FY 2001/2002 shown in <br />Figure 6.8 can be attributed to a delay in the county distributing funds to the municipalities. Because <br />of a dispute over allocations, money from the prior fiscal year was held until the dispute was <br />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 />9 <br />