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Comprehensive Plan Capital Improvements Element A Professional Sports Franchise Facility Tax is a levy of up to I% on any lodging agreement for six months or less. Revenue from this tax may be used to pay the debt service on bonds issued to finance the construction, reconstruction, or renovation of a professional sports franchise facility. State Sources Revenue classified as state sources may be generated locally but collected by the state and returned to the county. Table 6.1 displays the state revenue sources applicable to Indian River County. Those sources are described in further detail below. Local Government Half -Cent Sales Tax The Local Government Half Cent Sales Tax Program allocates 8.9744% of net sales tax proceeds remitted by sales tax dealers in a county to a special account administered by the Department of Revenue; that account is the Local Government Half Cent Sales Tax Clearing Trust Fund. Those funds are then earmarked for distribution to the governing body of the county and each municipality within the county. Distribution of those monies within the county is determined by a formula that uses a weighting factor based on the population of the incorporated and unincorporated areas and multiplies that factor by 8.9744% of the sales tax proceeds received by the county. In FY 2019/20, Indian River Figure 6.10: Half Cent SalesTax $10,500 — Revenue by FY $10298 $10,073 $10,000 $9,905 $9,500 $9,432 $s,o44 $9,000 S8,ss5 $8,500 $8,000 $7,500 14/15 15/16 16/17 17/18 18/19 19/20 ■ Revenue (in thousands) Source: i ndian River County Finance Department County received $10,073,000 through the half -cent sales tax. As shown in Table 6. 1, that amount represented 3.53% of all funds collected by Indian River County during the 2019/20 fiscal year. Figure 6.10 displays the funds made available to Indian River County through the half -cent local government sales tax over the last six fiscal years. Overall, Indian River County's half -cent sales tax revenue increased between Fiscal Year 2014/15 and Fiscal Year 2019/20. Occasionally, governments can receive supplemental distributions by meeting special eligibility criteria; however, in no case can the total supplemental and ordinary distribution exceed the maximum per capita amount allowed by law. Governments are allowed wide latitude in using the half cent sales tax. For counties, the law provides only that half cent sales tax revenue be used for countywide tax relief or countywide programs. Community Development Department Adopted December _ 2021, Ordinance 2021 - Indian River County 13 144