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OUTSIDE AGENCY FUNDING POLICY <br /> f. If the organization has an annual review, compilation, or audit completed by an <br /> independent certified public accountant, a copy must be submitted with the <br /> application. <br /> g. In accordancewith this policy, if an agency received $25,000 or more from the <br /> County for the prior year, then the agency must have an audit completed by an <br /> independent certified public accountant at the end of the fiscal year for the agency. <br /> A copy of this audit must be submitted to the Indian River County Office of <br /> Management and Budget within 120 days after the end of the agency's fiscal year. <br /> If an audit required by this policy for a previous year is past due and has not been <br /> submitted by May 1''% then any application for funding for the next year will be <br /> declined. <br /> 5. During a public meeting (typically scheduled in May), the Tourist Development Council <br /> (TDC)will review all applications for funding. At that meeting,the TDC will vote on and <br /> approve a recommended level of funding for each agency. The aggregate amount of <br /> funding approved for all agencies will equal total revenues for the Tourist Development <br /> Fund (Fund 119) as projected by the Office of Management& Budget. <br /> 6. Subsequent to the TDC meeting,the Office of Management&Budget will present the TDC <br /> recommendation to the Board of Commissioners for approval. The approved funding <br /> recommendations will be incorporated into the County Administrators recommended <br /> budget for the next fiscal year. <br /> 7. In September each year,the Board of Commissioners holds a Preliminary Budget Hearing <br /> and a Final Budget Hearing in order to legally adopt the Operating Budget for the next <br /> fiscal year. Each of these is a public hearing, and is advertised to the public prior to the <br /> meeting. Once the budget is legally adopted, the Budget Office will then notify each <br /> agency of its allocation. <br /> B. Tourist Development Agency Funding Levels <br /> 1. The aggregate amount of funding available for Tourist Development agencies is <br /> determined directly by the amount of Tourist Tax for a given fiscal year. 1-1/2 cents out of <br /> the total 4 cents of Tourist Development Tax levied in Indian River County is allocated to <br /> these agencies each year. <br /> 2. The Office of Management & Budget will develop revenue projections for the Tourist <br /> Development Fund for next fiscal year, prior to the TDC meeting in May. This revenue <br /> estimate will set the ma)amum allocation for all agencies. <br /> 3. Allocations for individual agencies will be recommended by the TDC to the Board of <br /> Commissioners. Decisions to fund new agencies, to discontinue funding to current <br /> agencies,and to change allocations to current agencies will be at the discretion of the TDC <br /> and finally, the Board of Commissioners. <br /> 4. In order to receive funding,an agency must promote,enhance,or attract tourism in Indian <br /> River County. <br /> 5. Indian River County currently has an agreementwith the Indian River County/Vero Beach <br /> Chamber of Commerce designating the Chamber as the County's tourist development <br /> Approved 2/19/02 <br /> Page 8 <br /> I <br /> SmeadSoft Reprint Date:Wednesday,September 28,2016-13:29:42-officia[Docvments:3327,Attachment Id 1,Page 8 <br />