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Comprehensive Plan Capital Improvements Element • Local Government Half -Cent Sales Tax The Local Government Half Cent Sales Tax Program allocates 8.9744% of net sales tax proceeds remitted by sales tax dealers in a county to a special account administered by the Department of Revenue; that account is the Local Government Half Cent Sales Tax Clearing Trust Fund. Those funds are then earmarked for distribution to the governing body of the county and each municipality within the county. Distribution of those monies within the county is determined by a formula that uses a weighting factor based on the population of the incorporated and unincorporated areas and multiplies that factor by 8.9744% of the sales tax proceeds received by the county. In FY 2013/14, Indian River County received $8,220,000 through the half -cent sales tax. As shown in Table 6.1, that amount represented 3.95% of 2013/14 fiscal year. Figure 6.10: Half Cent Sales Tax Revenue by FY $8,500 $8,000 $7,500 $7,000 $6,500 $6,000 S7 413 57,000 1 S6,9291 S7,075 57,829 $8.220 08/09 09/10 10/11 11M 12/13 13/14 •Revenue (in thousands) Source: Indian River County Finance Department all funds collected by Indian River County during the Figure 6.10 displays the funds made available to Indian River County through the half -cent local government sales tax over the last six fiscal years. Overall, Indian River County's half -cent sales tax revenue increased between Fiscal Year 2008/09 and Fiscal Year 2013/14. Occasionally, governments can receive supplemental distributions by meeting special eligibility criteria; however, in no case can the total supplemental and ordinary distribution exceed the maximum per capita amount allowed by law. Governments are allowed wide latitude in using the half cent sales tax. For counties, the law provides only that half cent sales tax revenue be used for countywide tax relief or countywide programs. • County Revenue Sharing The current structure of the county revenue sharing program consists of two revenue sources. Those sources include 2.90% of net cigarette tax collections and 2.0603% of sales and use tax collections. Proceeds are collected by the state and then distributed to eligible counties based on an allocation formula. There are no use restrictions on the distributed revenue; however, there are some statutory limitations regarding those funds being used as a pledge for indebtedness. Community Development Department Indian River County Adopted Dec . 1 , 2015, Ordinance 2015- 017 14