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Comprehensive Plan Capital Improvements Element (6) Pledge the revenues to secure and liquidate revenue bonds issued by the county, subject to certain limitations. Figure 6.7 shows the Tourist Development Tax revenue received by Indian River County over the last six fiscal years. Over that time period, tourist tax revenue received by Indian River County fluctuated based on market conditions, but had an overall increase of 23.15%. • Local Option Fuel Tax Local governments are authorized to levy up to twelve cents of local option fuel taxes in the form of three separate levies. These levies are: ➢ a one to six cent local option fuel tax; ➢ a one to five cent local option fuel tax; and ➢ a ninth cent fuel tax. Indian River County currently imposes the full six cents of the one to six cent fuel tax. This tax 1' app ies to every net gallon of motor and diesel fuel sold within a county. The one to six cent Source: Indian River County Finance Department fuel tax may be authorized by an ordinance adopted by a majority vote of the governing body or voter approval in a county -wide referendum. Generally, the proceeds may be used to fund transportation expenditures. Table 6.1 shows that local option fuel tax revenue represented 1.13% of all funds collected by Indian River County for FY 2007/08. Figure 6.8 shows that local option fuel tax revenue for the county has decreased overall by .52% from what it was in Fiscal Year 2003. Even though local option fuel tax revenues were less in fiscal year 2008 than what they were in fiscal year 2003, the county received a significant increase in local option fuel tax revenue in fiscal years 2004 through 2007. This was largely associated with the building boom. All sixty-seven Florida counties levy a portion of the original local option fuel tax. Sixty-five counties levy the full $0.06, while the remaining two counties levy a portion of the tax. Table 6.3 shows the local fuel taxes levied in Indian River County and in other counties in the region. Saint Lucie, Martin, Okeechobee, and Palm Beach counties levy the highest fuel taxes at $0.12 per gallon. Those four counties impose the Ninth Cent Fuel Tax. Indian River County is Community Development Department Indian River County Supplement #_; Adopted November _, 2009, Ordinance 2009- 9 Figure 6.8: Local Option Fuel Tax Revenue $3,400 $3,324 $3,319 $3,300 $3,290 $3,200 $3,100 $3,000 — — $2,900 — $2,800 2003 2004 2005 2006 2007 2008 ® Revenue (in thousands) app ies to every net gallon of motor and diesel fuel sold within a county. The one to six cent Source: Indian River County Finance Department fuel tax may be authorized by an ordinance adopted by a majority vote of the governing body or voter approval in a county -wide referendum. Generally, the proceeds may be used to fund transportation expenditures. Table 6.1 shows that local option fuel tax revenue represented 1.13% of all funds collected by Indian River County for FY 2007/08. Figure 6.8 shows that local option fuel tax revenue for the county has decreased overall by .52% from what it was in Fiscal Year 2003. Even though local option fuel tax revenues were less in fiscal year 2008 than what they were in fiscal year 2003, the county received a significant increase in local option fuel tax revenue in fiscal years 2004 through 2007. This was largely associated with the building boom. All sixty-seven Florida counties levy a portion of the original local option fuel tax. Sixty-five counties levy the full $0.06, while the remaining two counties levy a portion of the tax. Table 6.3 shows the local fuel taxes levied in Indian River County and in other counties in the region. Saint Lucie, Martin, Okeechobee, and Palm Beach counties levy the highest fuel taxes at $0.12 per gallon. Those four counties impose the Ninth Cent Fuel Tax. Indian River County is Community Development Department Indian River County Supplement #_; Adopted November _, 2009, Ordinance 2009- 9