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Comprehensive Plan Capital Improvements Element <br />(3) That the county's most recent financial reports have been sent to the Department of Banking <br />and Finance, and post audits of these statements and accounts have been provided. <br />Table 6.1 shows that county revenue sharing funds represented 1.12% of all funds collected by Indian <br />River County in FY 2004/05. Figure 6.11 shows that, over the last six fiscal years, county revenue <br />sharing proceeds received by Indian River County varied over time, but overall increased by 2.87%. <br />• Constitutional Fuel Tax <br />Constitutional fuel tax is defined as an excise or license tax of two cents per gallon imposed upon the <br />first sale or first removal from storage (after importation into Florida) of motor fuel. Revenues from <br />this levy become state funds at the time of collection by the refiner, importer or wholesaler. <br />In its current form, the constitutional fuel tax is a state -shared revenue source for counties only. <br />Applying a distribution formula, the state allocates proceeds to counties'to the extent necessary to <br />comply with all obligations to or for the benefit of holders of bonds, revenue certificates, and tax <br />anticipation certificates or any refunds secured by any portion of the tax proceeds. After complying <br />with the necessary debt service obligations, the state distributes a county's surplus funds to its <br />governing body. <br />Table 6.1 shows that revenue received from <br />the constitutional fuel tax levy represented <br />0.70% of total revenue received by Indian <br />River County in FY 2004/05. Figure 6.12 <br />shows that, over the last six fiscal years, <br />constitutional fuel tax revenue received by <br />Indian River County increased 21.42%. <br />• County Fuel Tax <br />The county fuel tax is levied on motor fuel at <br />the rate of one cent per net gallon. The <br />legislative intent of this tax is to reduce a <br />county's reliance on ad valorem taxes. Funds <br />received from this tax can be used by a <br />county for transportation -related expenses, <br />including the reduction of bond indebtedness <br />incurred for transportation purposes. <br />Community Development Department <br />Source: Indian River County Finance Department <br />Indian River County <br />15 <br />