2016-016 - Laserfiche WebLink

Home Browse Search

(6) Finance beach development and restoration as well as shoreline protection and restoration of inland lakes and rivers to which there is public access; (7) 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. Since FY 2009/10, Tourist Development Tax revenue has gradually increased from $1,325,000 in FY 2009/10 to $2,267,000 in FY 2014/15. This is an overall increase of 71.09% during that time frame. ➢ 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. Those 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. That tax applies to every net gallon of motor and diesel fuel sold within the county. The one to six cent fuel tax may be authorized by an ordinance adopted by a majority vote of the governing 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 1.59% of all funds collected by Indian River County for FY 2014/15. Figure 6.8 shows that, between FY 2009/10 and FY 2013/14 there has been a downward trend with local option fuel tax revenue for the county. That downward trend ended in FY 2014/15, when local option fuel tax revenue significantly increased. The limited gas tax revenues between FY 2009/10 and FY 2013/14 can be attributed to high fuel prices, less traveling (less fuel consumption by consumers), and more fuel efficient vehicles. The more recent increase in local option fuel tax revenue can be attributed to an improving economy and lower fuel prices which have led to an increase in fuel consumption. All sixty-seven Florida counties levy a portion of the original local option fuel tax. While sixty-six counties levy the full $0.06, one county levies only a portion of the tax. Community Development Department Indian River County Adopted , 2016, Ordinance 2016- 9 Figure 6.8: Local Option Fuel Tax Revenue by FY $3,600 $3,508 $3,500 $3,400 83,336 $3,300 $3,200 $3,145 ii $3,133 $3,100 $3,000 $2,900 09/10 10/11 11/12 12/13 13/14 14/15 ®Revenue (in thousands) Source: Indian River County Finance Department Indian River County currently imposes the full six cents of the one to six cent fuel tax. That tax applies to every net gallon of motor and diesel fuel sold within the county. The one to six cent fuel tax may be authorized by an ordinance adopted by a majority vote of the governing 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 1.59% of all funds collected by Indian River County for FY 2014/15. Figure 6.8 shows that, between FY 2009/10 and FY 2013/14 there has been a downward trend with local option fuel tax revenue for the county. That downward trend ended in FY 2014/15, when local option fuel tax revenue significantly increased. The limited gas tax revenues between FY 2009/10 and FY 2013/14 can be attributed to high fuel prices, less traveling (less fuel consumption by consumers), and more fuel efficient vehicles. The more recent increase in local option fuel tax revenue can be attributed to an improving economy and lower fuel prices which have led to an increase in fuel consumption. All sixty-seven Florida counties levy a portion of the original local option fuel tax. While sixty-six counties levy the full $0.06, one county levies only a portion of the tax. Community Development Department Indian River County Adopted , 2016, Ordinance 2016- 9