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BOOK <br />Chairman Tippin turned the meeting over to <br />Administrator Jim Chandler and OMB Director Joe Baird. <br />91 pm,H816 <br />County <br />County Administrator Chandler and Director Baird made the <br />following presentation: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: January 19, 1994 <br />SUBJECT: OPTIONAL SALES TAX - SECOND FIVE YEARS <br />FROM: James E. Chandler I*e- Joseph A. Baird <br />County Administrator OMB Director <br />Background Information <br />Chapter 87-239 Laws of Florida initiated the "Local Government Infrastructure Commitment <br />Act", which allowed counties to levy, for a period of up to fifteen years, a one cent tax on <br />all transactions subject to taxation under Chapter 212.054 of the Florida statutes. In order <br />to enact the surtax, an ordinance must be passed by the majority of the members of the <br />Board of County Commissioners and then approved by a majority of votes in a referendum <br />or passed by governing bodies of municipalities, representing a majority of the County's <br />population, and approved by a majority of voters in a referendum. <br />The Optional Sales Tax revenues are distributed to Indian River County and to the Cities <br />within the County based on the same formula provided for under Chapter 218.62 Florida <br />Statutes. This means Indian River County and the municipalities (Vero Beach, Sebastian, <br />Indian River Shores, Town of Orchid and Fellsmere) shall receive a proportion of monies <br />earmarked for distribution within the County. The proportion each municipal government <br />receives is computed by dividing the population of that municipality by the sum of the total <br />County population plus two-thirds of the incorporated areas' population. The county's <br />portion is computed by dividing the sum of the .unincorporated area's population plus two- <br />thirds of the incorporated area population by the sum of the total. County population plus <br />two-thirds of the incorporated areas' population. According to the information provided by <br />the State, in the 1993/94 year the revenue breakdown will be as follows: <br />Indian River County <br />*$5,637,867 <br />Vero Beach <br />1,190,265 <br />Sebastian <br />789,439 <br />Indian River Shores <br />161,450 <br />Fellsmere <br />155,513 <br />Town of Orchid <br />1,160 <br />TOTAL <br />$7,935,694 <br />*We budget 95% of the estimated amount <br />Proceeds of the surtax may be expended on infrastructure as defined in the bill as "any <br />fixed capital expenditure or fixed capital costs associated with the construction, <br />reconstruction or improvement of public facilities which have a life expectancy of 5 or more <br />years and any land acquisition, land improvement, design and engineering costs related <br />thereto." <br />�— 2 <br />