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Comprehensive Plan Capital Improvements Element <br />(3) The county's most recent financial reports must have been sent to the Department of Banking <br />and Finance, and post audits of these statements and accounts must have been provided. <br />Table 6.1 shows that county revenue sharing funds represented 1.20% of all funds collected by Indian <br />River County in FY 2009/10. Figure 6.11 shows that, over the last six fiscal years, revenue sharing <br />proceeds received by Indian River County varied, but overall decreased by 9.14%. <br />• Constitutional Fuel Tax <br />The constitutional fuel tax is defined as an excise or license tax of two cents per gallon of motor fuel, <br />imposed upon the first sale or first removal from storage (after importation into Florida). Revenues <br />from this levy become state funds at the <br />time of collection by the refiner, importer <br />or wholesaler. <br />In its current form, the constitutional fuel <br />tax is a state -shared revenue source for <br />counties only. Applying a distribution <br />formula, the state allocates proceeds to <br />counties to the extent necessary to <br />comply with all obligations to or for the <br />benefit of holders of bonds, revenue <br />certificates, and tax anticipation <br />certificates or any refunds secured by any <br />portion of the tax proceeds. After <br />complying with the necessary debt <br />service obligations, the state distributes a <br />county's surplus funds to its governing <br />body. <br />FIGURE 6.12: Constitutional Fuel Tax Revenue <br />$1,800 <br />$1,783 <br />$1,750 $1,729 $1,716 - <br />$1,700 - - - - <br />$1,650- <br />$1,600 $1,575 $1,580 <br />$1,550 - - - <br />$1,500 <br />$1,450 <br />2005 2006 2007 2008 2009 2010 <br />® Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Table 6.1 shows that revenue received from the constitutional fuel tax levy represented 0.73% of total <br />revenue received by Indian River County in FY 2009/10. Figure 6.12 shows that, over the last six <br />fiscal years, constitutional fuel tax revenue received by Indian River County decreased 10.38%. <br />Community Development Department <br />Adopted November _, 2011, Ordinance 2011-_ <br />Indian River County <br />15 <br />