2019-020 - Laserfiche WebLink

Home Browse Search

Comprehensive Plan Capital Improvements Element • Franchise Fee/Tax Counties and municipalities may exercise their home rule authority to impose a fee upon a utility for the grant of a franchise and the privilege of the utility using the local government's rights-of-way to conduct the utility's business. Franchise fees are typically levied through a franchise agreement negotiated between the local government and the utility provider. Indian River County receives franchise revenue from electric, water, sewer, garbage, and cable television franchises. Table 6.1 shows that franchise fee revenue represented 3.46% of all funds collected by Indian River County in FY 2017/18. Figure 6.9 shows that since FY 2012/13 franchise fee revenue collected by Indian River County increased 7.13%. • Other Miscellaneous Revenue Included in this category are various administrative fees, licenses and permits, fines, interest income, rental income, private contributions, and other miscellaneous revenues. This source of revenue for Indian River County represented 7.17% of all funds collected in FY 2017/18. • Borrowing As needed, the county uses borrowing as a Figure 6.9: Franchise Fee/Tax Revenue by FY $9,500 E9,aa8 $9,400 $8,311 $9,300 $9,274 $9,200 $9,181 $9,130 $9,100 $9,000 $8,900 $8,819 $8,600 $6,700 $8,600 $8,500 12113 13114 14/15 15/16 16/17 17/18 • Resen ue (in thousands) Source: Indian River County finance Department financing vehicle to raise money for public purposes that are beyond the realm of current cash reserves, operating revenue and reasonable taxation. Currently, borrowing money to pay for capital improvements can be done through either short-term or long-term financing. Short term financing is usually accomplished by the use of bond pools, notes, private placements with banks, and the public placement of Voted General Obligation debt. Long term financing is usually achieved through the issuance of bonds sold on the public market. According to state law, local governments may sell bonds for capital improvements without a referendum of the voters if the pledge used for the bond is a non -ad valorem revenue source. Conversely, any bond issue pledging ad valorem taxes requires approval through a voter referendum. General Obligation Bonds are bonds that are secured by the full faith and credit of the issuing government. Those bonds are secured by a pledge of the issuer's ad valorem taxing power. According to state law, the amount of ad valorem taxes necessary to pay the debt service on general Community Development Department Indian River County Adopted December 3, 2019, Ordinance 2019-020 11