1/18/1978 - Laserfiche WebLink

Home Browse Search

FJ M REVENUE SHARING TRUST FUNDS 10 Revenue Sharing Trust Funds are defined in the Resolution to mean the "guaranteed entitlement" portion of such funds as defined in, and which are payable to the County under, Chapter 218, Part 11, Florida Statutes (the "Revenue Sharing Act"). Guaranteed entitlement as it applies to Florida counties is defined in the Revenue Sharing Act to mean the amount of revenue which must be shared with an eligible unit of local government so that no eligible county shall receive less funds from the revenue sharing trust fund for counties in any fiscal year than the amount received in the aggregate from the state in the fiscal year 1971-72 under the provisions of the then existing Section 210.20(2)(c), tax on cigarettes; Section 323.16(4), road tax and Section 199.292(4), taxes on intangible personal property. Revenue Sharing Act The Revenue Sharing Act creates a revenue sharing trust fund for counties (as well as a similar fund for municipalities) and sets forth criteria for participation in revenue sharing, the method of distribution and a formula basis for apportionment of receipts available for distribution. For counties the apportionment factor is composed of three equally weighted portions: (a) each eligible county's percentage of the total population of all eligible counties in the state; (b) each eligible county's percentage of the total population of the state residing in unincorporated areas of all eligible counties; (c) each eligible county's percentage of total sales tax collections in all eligible counties during the preceding year. The amount to be distributed to each county is determined by adjusting the amount resulting from application of the apportionment factor so that no eligible county shall receive less than its guaranteed entitlement and also so that no county shall receive less than its minimum entitlement (the amount of revenue required to pay debt service on obligations issued prior to the Revenue Sharing Act and secured by revenues to be deposited in the revenue sharing trust fund — Indian River County has no such obligations outstanding). To be eligible to participate in revenue sharing beyond the minimum entitlement, a county must have: (a) reported its finances for its most recently completed fiscal year to the Department of Banking and Finance pursuant to Section 218.32 Florida Statutes; (b) made provision for annual post audits of its financial accounts in accordance with provisions of law; (c) levied, as shown on its most recent financial report pursuant to Section 218.32, Florida Statutes, ad valorem taxes, exclusive of taxes levied for debt service or other special millage authorized by the voters, to produce the revenue equivalent to a millage rate of 3 mills on the dollar based on the 1973 taxable values as certified by the property appraiser pursuant to Section 193.122(2), Florida Statutes or, in order to produce revenue equivalent to that which would otherwise be produced by such 3 mill ad valorem tax, to have collected an occupational license tax or a utility tax, or both of these taxes, in combination with the ad valorem tax; (d) certified compliance with standards for qualification for employment of police officers, minimum annual salary rate for full time police officers and salary structure and salary plans for police officers. For the past four years all Florida counties have maintained their eligibility to participate in revenue sharing. During the initial period in which the Revenue Sharing Act was in effect, four small counties were ineligible due to the then existing level of tax levies. Covenant Concerning Eligibility to Receive Guaranteed Entitlement Section 15(V) of the Resolution,. which is reproduced elsewhere herein, provides in part that: "The Issuer shall always be irrevocably and unconditionally obligated to take such action as may be required to entitle it to receive such Revenue Sharing Trust Funds in the maximum amount provided by law." Sources of Revenue for the Revenue Sharing Trust Fund for Counties The three following taxes, or portions thereof, are required to be deposited in the revenue sharing trust fund for counties after deducting therefrom certain charges for administration and collection: I _ .._ . �_...._.- a __.,. � .,�._,- r•,�.,-�- ....,yam MM -- ROK JJ PA'a • }�