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40 <br />40 <br />11 <br />Op <br />610 ALTERNATIVE REVENUE SOURCES <br />5.1 INTRODUCTION <br />This section of the report provides a review and analysis of potential funding <br />sources for the proposed beach restoration and subsequent renourishment over <br />eight (8) -year intervals. The BPP prepared by the County in 1998, identified <br />projects for sand replenishment to provide protection to properties along the <br />barrier island shoreline from erosion and to partially mitigate the inlet's adverse <br />effects on the downdrift oceanfront beaches. The proposed projects include <br />sand placement activities in all or part of five (5) of the eight (8) planning sectors <br />which encompass the County's 22 -mile shoreline. A secondary goal resulting <br />from providing storm damage protection and sand replenishment to the Indian <br />River County shoreline is recreational enhancement of the beach. These <br />objectives are important in the analysis of potential funding sources as well as <br />the distribution of project benefits described in subsequent sections of this report. <br />The Fiscal Year 1998-99 proposed budget for the Beach Restoration Fund is <br />$418,000, an increase of $28,500 from last fiscal year. The majority of the <br />revenue is derived from tourist development taxes imposed by the County in <br />accordance with section 125.0104, Florida Statutes. The tourist development tax <br />is levied at three (3) percent and generates approximately $300,000 for each <br />cent or almost $1.0 millign per year. Pursuant to section 125.0104, Florida <br />Statutes and a joint resolution between the City of Vero Beach and Indian River <br />County adopted in 1993, the expenditure of the tourist development tax revenue <br />can fund projects necessary to protect and preserve the County beaches with up <br />to 50 percent of the revenues derived from the tourist development tax available <br />to be pledged to secure revenue bonds issued by the County for this purpose. <br />A description of the tourist development tax and the other potential sources of <br />revenue to fund the proposed beach nourishment project is provided in the <br />