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Comprehensive Plan Capital Improvements Element (4) Finance beach development and restoration as well as shoreline protection and restoration of inland lakes and rivers to which there is public access; (5) Construct, improve, maintain, and promote museums, zoos, fishing piers, or nature centers which are publicly owned and operated either by the county or a not-for-profit organization which opens the facilities to the public (applicable to those counties with a population less than 500,000); (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. During that time period, tourist tax revenue received by Indian River County fluctuated based on market conditions, but had an overall increase of 19.59%. 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 applies to every net gallon of motor and diesel fuel sold within a county. The one to six cent fuel tax may be authorized by an ordinance A t d bt f +1k Figure 6.8: Local Option Fuel Tax Revenue $3,400 $3,367 $3,324 $3,319 $3,300 $ 3'290 $ 3,200 $3,200 $3,100 $ 3,043 $3,000 $2,900 $2,800 2004 2005 2006 2007 2008 2009 ® Revenue (in thousands) GL op %, y a mai%JL Ly vo e o e governing Source: Indian River County Finance Department 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 1.36% of all funds collected by Indian River County for FY 2008/09. Figure 6.8 shows that local option fuel tax revenue for the county has decreased overall by 3.73% from what it was in Fiscal Year 2004. Even though local option fuel tax revenues were less in fiscal year 2009 than what they were in fiscal year 2004, the county received a significant increase in local option fuel tax revenue in fiscal years 2005 through 2007. This was largely associated with the building boom. Community Development Department Indian River County Supplement # ; Adopted November _, 2010, Ordinance 2010-_ 9