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Comprehensive Plan Capital Improvements Element The One to Five Cent Local Option Fuel Tax is a one to five cents tax that can be levied upon every gallon of motor fuel sold in Indian River County. Revenues from this fuel tax must be shared among all eligible jurisdictions in the county as a result of an interlocal agreement or by an historical transportation expenditures formula. Authorized uses for revenue collected from the One to Five Cent Fuel Tax include transportation expenditures needed to meet the requirements of the Capital Improvements Element of the Comprehensive Plan. A Professional Sports Franchise Facility Tax is a levy of up to 1 % on any lodging agreement for six months or less, within Indian River County. Revenue from this tax may be used to pay the debt service on bonds issued to finance the construction, reconstruction, or renovation of a professional sports franchise facility. State Sources Revenue classified as state sources may be generated locally but collected by the state and returned to the county. For example, state sources may originate from state general revenues and be shared by the state according to state revenue allocation formulas. Table 6.1 displays the state revenue sources applicable to Indian River County. These sources are described in further detail below. • Local Government Half -Cent Sales Tax The Local Government Half Cent Sales Tax Program allocates 8.814% of net sales tax proceeds remitted by sales tax dealers in a county to a special account administered by the Department of Revenue; this account is the Local Government Half Cent Sales Tax Clearing Trust Fund. These funds are then earmarked for distribution to the governing body of the county and each municipality within the county. Distribution of these monies within the county is determined by a Source: Indian River County Finance Department formula that uses a weighting factor based on the population of the incorporated and unincorporated areas and multiplies this factor by 8.814% of the sales tax proceeds received for the county. In FY 2007/08, Indian River County received $7,588,000 through the half -cent sales tax. As shown in table 6. 1, that amount represented 2.82% of all funds collected by Indian River County during the 2007/08 fiscal year. Community Development Department Supplement #_; Adopted November _, 2009, Ordinance 2009-_ Indian River County 13