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In March 1989, Indian River County voters passed the optional one -cent sales tax which was effective for a fifteen year period. In November 2002, a voter referendum approved extending the optional one -cent sales tax another 15 years until December 31, 2019. Many capital projects have been completed with this funding that otherwise would have been funded by ad valorem dollars. In 2011, approximately $12.9 million was received and will be used towards funding numerous capital projects including the following construction projects: ➢ South County Park — Phase III Improvements - The expansion of this park is necessary to provide recreation facilities and programs to the growing population in the southern part of the County. A multi-purpose facility will be constructed at a cost of $5.5 million with impact fees providing a portion of the funding. Ad valorem tax proceeds and user fees will fund increased operating costs. The impact to ad valorem taxpayers could be reduced through the use of possible public-private partnerships to operate this facility. ➢ 53rd Street Widening — Due to growth in the northern portion of the County, 53rd Street is reaching capacity. This project will widen the road from two to four lanes from 58th Avenue to Indian River Boulevard at a cost of approximately $5.1 million. Additional funding will be from impact fees. ➢ 6e Avenue Widening — This roadway is scheduled for widening from S.R. 60 in Vero Beach to the Sebastian City limits. Currently, this is one of the few main arterials connecting the north and south county areas and traffic has increased substantially on this road. Estimated construction costs are over $16 million. Additional funding will be from traffic impact fees, gas taxes and grants. ➢ Oslo Road from 43rd Avenue to 58th Avenue — This phase of Oslo Road widening will increase the road from two to four lanes at a cost of approximately $5.5 million. Additional funding will be from traffic impact fees and gas taxes. ➢ 800 Mhz Radio Expansion — Construction of a $2.2 million communications tower will be completed in fiscal year 2011-2012. This tower will help eliminate deficiencies in "in -building coverage" for public safety agencies that have resulted since the significant growth in the south county area. The addition of the tower will increase maintenance costs slightly and will be funded with general fund revenues. ➢ Vero Beach Sports Village Quadrangle Softball Fields — The project began in FY 2011 and includes construction of four softball fields with sports lighting, dugouts, fencing, sod and irrigation, bleachers, picnic pavilions, concession stand/press box/bathroom building, drainage improvements, concession equipment, batting cages, common area lighting, water fountains and parking area at a cost of approximately $2.5 million. Relevant Financial Policies In accordance with Section 218.415, Florida Statutes, the County adopted an investment policy, which guides the investment of County surplus funds. This policy establishes investment objectives, maturity and liquidity requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet anticipated cash flow needs. iv