02/02/2021 - Laserfiche WebLink

Home Browse Search

[a F1 Departmental Matters INDIAN RIVER COUNTY INTER -OFFICE MEMORANDUM OFFICE OF MANAGEMENT & BUDGET TO: Members of the Board of County Commissioners DATE: . January 21, 2021 THROUGH: Jason E. Brown, County Administrator FROM: Kristin Daniels, Director, Management & Budget SUBJECT: Allocation of One -Half Cent of Tourist Tax Revenue DESCRIPTION AND CONDITIONS On December 18, 2018, the Board of County Commissioners approved the Historic Dodgertown Facility Lease Agreement between Major League Baseball and Indian River County. The spending plan that accompanied this lease agreement assigned one cent of Tourist Tax revenue to be used towards funding the contractual facility improvements for the first three years of the lease. Beginning in year four, only half of one cent is scheduled to fund the facility improvements, thus freeing up the remaining half cent to be used towards other authorized expenses pursuant to County Code 210.03. Optional Sales Tax is scheduled to fund the remaining balance (approximately $485,000) of the $800,000 annual obligation, which decreases to $400,000 in lease year six. FUNDING AND ANALYSIS Indian River County currently levies four cents of Tourist Tax revenue. One and a half cents are allocated to each Beach Restoration and Tourism Promotion expenses, with the remaining cent funding the Historic Dodgertown/Jackie Robinson Training Complex facility improvements. In the current fiscal year, $630,000 is the budgeted revenue that one full cent is estimated to generate. Half of this cent would generate approximately $315,000 each fiscal year. The following table illustrates the revenues allocated to each fund: Tourist Tax Revenue Breakdown FY 2020/2021 Fund Cents Allocated Revenue Budget Beach Restoration 1.5 $945,000 Tourism Promotion 1.5 $945,000 Jackie Robinson Training Complex 1.0 $630,000 Total 4.0 $2,520,000 179