|
The Half -Cent Sales Tax proceeds collected within a county is distributed to the county and municipal
<br />governments by the State in accordance with the following formulas:
<br />The County's Share unincoMurated area population + 2/3 into rated area 000ulation
<br />(% of total Half -Cent = total county population + 2/3 incorporated area population
<br />Sales Tax Receipts)
<br />Municipality Share municipality oonulation
<br />(% of total Half -Cent = total county population + 2/3 incorporated area population
<br />Sales Tax Receipts)
<br />Population is the latest official state estimate of population certified prior to the beginning of the local
<br />government fiscal year.
<br />The County has complied with all of the requirements set forth in Chapter 218, Part VI, including the
<br />filing of a certificate of compliance with the State Department of Revenue, that are necessary in order for the
<br />County to receive its portion of funds from the Trust Fund during the fiscal year ending September 30, 1992.
<br />The County is obligated to take all lawful action necessary or required to remain an eligible recipient of its
<br />portion of the funds in the Trust Fund so long as any of the Series 1993 Bonds remain outstanding. Although
<br />Chapter 218, Part VI, does not impose any limitation on the number of years during which the County can
<br />receive -distributions of the Half -Cent Sales Tax from the Trust Fund, there may be future amendments to
<br />Chapter 218, Part VI, in subsequent years imposing additional requirements of eligibility for cities and counties
<br />participating in the Half -Cent Sales Tax. To be eligible to participate in the Trust Fund in future years, the
<br />County must comply with the financial reporting requirements of Section 218.23(1), Florida Statutes. Otherwise,
<br />the County loses its Trust Fund Distribution for twelve months following a "determination of non-compliance"
<br />by the State Department of Revenue. The following table shows the County's seven year history of the Half -Cent
<br />Sales Tax revenues in Indian River County:
<br />Source: State of Florida, Department of Revenue.
<br />Because distribution of the Half -Cent Sales Tax is based on the population of unincorporated areas
<br />within the County relative to the population of incorporated municipalities within the County, the County's share
<br />of the Sales Tax would be reduced if unincorporated areas of the County were to be annexed by an existing
<br />municipality within the County or if unincorporated areas of the County were to become incorporated
<br />municipalities.
<br />Under Section 165.041, Florida Statutes, a charter for incorporation of a new municipality must be
<br />adopted by a special act of the Florida legislature, after a determination that certain standards set forth in
<br />14
<br />Historical Distribution of the Half -Cent Sales Tax
<br />Year
<br />Half -Cent
<br />Amount
<br />Amount
<br />Ended
<br />Sales
<br />Distributed
<br />Distributed to
<br />Seat 30
<br />Tax Collected
<br />to Munlcloalitiea
<br />Indian River County
<br />1986
<br />$2,770,565
<br />$ 774,579
<br />$1,995,986
<br />1987
<br />3,152,453
<br />875,506
<br />2,276,947
<br />1988
<br />4,087,973
<br />1,351,806
<br />2,736,167
<br />1989
<br />4,368,637
<br />1,218,750
<br />3,149,887
<br />1990
<br />4,265,372
<br />1,139,277
<br />3,126,095
<br />1991,
<br />4,662,312
<br />1,331,845
<br />3,330,467
<br />1992
<br />5,004,073
<br />1,909,092
<br />3,094,981
<br />Source: State of Florida, Department of Revenue.
<br />Because distribution of the Half -Cent Sales Tax is based on the population of unincorporated areas
<br />within the County relative to the population of incorporated municipalities within the County, the County's share
<br />of the Sales Tax would be reduced if unincorporated areas of the County were to be annexed by an existing
<br />municipality within the County or if unincorporated areas of the County were to become incorporated
<br />municipalities.
<br />Under Section 165.041, Florida Statutes, a charter for incorporation of a new municipality must be
<br />adopted by a special act of the Florida legislature, after a determination that certain standards set forth in
<br />14
<br />
|