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Ordinance No. 2014-020 Comprehensive Plan Capital Improvements Element (2) Certification of taxable value for a property tax levy is made in a timely and correct manner to the Department of Revenue; (3) The county's most recent financial reports must have been sent to the Department of Financial Services, and post audits of those statements and accounts must have been provided. Table 6.1 shows that county revenue sharing funds represented 1.47% of all funds collected by Indian River County in FY 2012/13. Figure 6.11 shows that, between Fiscal Year 2007/08 and 2008/09, Indian River County's revenue sharing significantly decreased and did not return to similar levels until Fiscal Year 2012/13. • Constitutional Fuel Tax The constitutional fuel tax is defined as an excise or license tax of two cents per gallon of motor fuel, imposed upon the first sale or first removal from storage (after importation into Florida). Revenues from this levy become state funds at the time of collection by the refiner, importer or wholesaler. In its current form, the constitutional fuel tax is a state -shared revenue source for counties only. Applying a distribution formula, the state allocates proceeds to counties to the extent necessary to comply with all obligations to or for the bene anticipation certificates or any refunds secured by any portion of the tax proceeds. After complying with the necessary debt service obligations, the state distributes a county's surplus funds to its governing body. Table 6.1 shows that revenue received from the constitutional fuel tax levy represented 0.80% of total revenue received by Indian River County in FY 2012/13. Figure 6.12 shows that, over the last six fiscal years, constitutional fuel tax revenue received by Indian River County initially dropped, then gradually increased for four fiscal years, and then dropped again, with an overall decrease from Fiscal Year 2007/08 to Fiscal Year 2012/13 of 2.78%. Community Development Department Adopted , 2014, Ordinance 2014 - it of holders of bonds, revenue certificates, and tax FIGURE 6.12: Constitutional Fuel Tax Revenue $1,630 $1,620 - $1,610 - $1,600 - $1,590 $1,580 $1,570 $1,560 $1,550 2008 2009 2010 2011 2012 2013 ■ Revenue (in thousands) Source: Indian River County Finance Department Indian River County 15 1 Source: Indian River County Finance Department Indian River County 15