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CONTINUANCE OF 64 LOCAL OPTION GATS TAX <br />---------------- <br />- 7 ---- <br />The Board reviewed memo from, Public Works Director Davis: <br />TO: James E. Chandler, <br />County Administrator <br />FROM: James W. Davis, POE'., <br />Public Works Director <br />SUBJECT: Continuance of Six (Cent Local <br />:. ..Option Gas Tax <br />DATE: July 24, 1991 <br />DESCRIPTION AND CONDITIONS <br />The Transportation Planning !Committee, the five (5) <br />municipalities within the County And the Public Works Department <br />Staff concur that continuance of the six cent Local -option Gas <br />Tax (LOGT) Program is needed fpr the next five year period <br />(September 1, 1991 to August 31,,1996). The attached ordinance <br />and sample Interlocal Agreement h'as- been prepared to effect the continuance.'.,. <br />The LOGT distribution formula will remain the'same as previously <br />applied and is as follows:....:._ <br />.Percentage of total revenue allocated to each eligible <br />entity = 1/3 of the entity's percentage of total equivalent <br />lane miles of road + 1/3 of the entity's percentage of <br />transportation expenditures ;over the previous five year + <br />1/3 of the entity's total percentage of population residing. <br />in the area based upon the 1990 census. <br />For example, from the attached chart, Indian River County's share <br />should be computed.as follows: <br />Percentage of total revenue allocated to Indian River County <br />= 1/3 (69.90%) + 1/3 (66.93%): + 1/3 (64.5%) = 67.13% <br />In applying the above formula to all eligible entity's, the <br />following percentages, rounded tolthe nearest tenth, are derived: <br />Indian River City of City of City of Town of Indian Town of <br />County Vero Beach Fellsmere 'Sebastian River Shores Orchid <br />67.11% 19.03% 1.98% 110.83% 1.05% 0.0033% <br />The annual funds proposed for distribution to each entity for the <br />six cent of local option gas tax,would amount to the following: <br />Proceeds from the <br />Local Option Gas Tax <br />Indian River City of City of City of Town of Indian Town of <br />County Vero Beach Fellsmere Sebastian River Shores Orchid <br />$2,010,121 $569,999 <br />AUG <br />$59,306 $324,387 $31,451 <br />37 <br />boor <br />$99 - <br />�; uuvj <br />