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OUTSIDE AGENCY FUNDING POLICY <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 yearforthe agency. <br />A copy of this audit must be submitted to the Indian River County Office of <br />Management and Budget within,428 J10 days after the end of the agency's fiscal <br />year. The Budget Office may extend the 180 day audit submittal requirement, <br />based upon a written request iustifying the extension and if deemed to be in the <br />best interest of the Courtly. The extension will typically not exceed the three (3) <br />monthsfrom the original due date. <br />yeef is past due and Been submitted hN % h - 4ey I - then any applieatien fe <br />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 />Subsequent to the TDC meeting, the Office of Management& Budgetwill present the TDC <br />recommendation to the Board of Commissioners for approval. The approved funding <br />recommendations will be incorporated into the County Administrator's recommended <br />budget for the next fiscal year. <br />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 maximum 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 V19/02 <br />Coding: Words/lencrs underscored are additions to text; words/letters in ehikethreugh format are deletions to text. <br />Revision #1 Approved 11/3/2009 <br />Page 9 <br />P143 <br />