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The One to Five Cent Local Option Fuel Tax is a one to five cents tax that can be levied upon <br />every gallon of motor fuel sold in Indian River County. Revenues from that fuel tax must be <br />shared among all eligible jurisdictions in the county as a result of an interlocal agreement or by an <br />historical transportation expenditures formula. Authorized uses for revenue collected from the <br />One to Five Cent Fuel Tax include transportation expenditures needed to meet the requirements <br />of the Capital Improvements Element of the Comprehensive Plan. <br />A Professional Sports Franchise Facility <br />Tax is a levy of up to I% on any lodging <br />agreement for six months or less. Revenue <br />from this tax may be used to pay the debt <br />service on bonds issued to finance the <br />construction, reconstruction, or renovation <br />of a professional sports franchise facility. <br />State Sources <br />Revenue classified as state sources may be <br />generated locally but collected by the state <br />and returned to the county. Table 6.1 <br />displays the state revenue sources <br />applicable to Indian River County. Those <br />sources are described in further detail <br />below. <br />Figure 6.10: Half Cent Sales Tax Revenue <br />$12,000 by FY _ <br />$10,000 $9,0aa <br />$9,432 $91908 <br />$7,829 <br />$8,220 $8,685 <br />$8,000 � i <br />� � I <br />$6,000 <br />i <br />$4,000 <br />$2,000 <br />$- IF <br />12/13 13/14 14/15 15/16 16/17 17/18 <br />m Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Local Government Half -Cent Sales Tax <br />The Local Government Half Cent Sales Tax Program allocates 8.9744% of net sales tax proceeds <br />remitted by sales tax dealers in a county to a special account administered by the Department of <br />Revenue; that account is the Local Government Half Cent Sales Tax Clearing Trust Fund. Those <br />funds are then earmarked for distribution to the governing body of the county and each municipality <br />within the county. Distribution of those monies within the county is determined by a formula that <br />uses a weighting factor based on the population of the incorporated and unincorporated areas and <br />multiplies that factor by 8.9744% of the sales tax proceeds received by the county. In F�"�/7FY <br />2017/18, Indian River County received $9,432,000-$9,908,000 through the half -cent sales tax. As <br />shown in Table 6.1, that amount represented 0-3.63% of all funds collected by Indian River <br />County during the 2016,117 2017/2018 fiscal year. <br />Figure 6.10 displays the funds made available to Indian River County through the half -cent local <br />government sales tax over the last six fiscal years. Overall, Indian River County's half -cent sales tax <br />revenue increased between Fiscal Year 2011/122012/13 and Fiscal Year 2n�2017/18. <br />265 <br />