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0• <br />G <br />A description of the primary sources of revenue recommended to fund the <br />proposed beach restoration project is provided in the following section of this <br />report. <br />5.2 TOURIST DEVFI_OPME T .TAXES <br />Indian River County imposes a tourist development tax (TDT) of three (3) <br />percent, which generates approximately $1.0 million per year. The County <br />currently allows a statutory maximum of 50 percent of the tourist development <br />tax revenues to be spent on beach improvement projects. <br />Pursuant to section 125.0104, Florida Statutes and a joint resolution between the <br />City of Vero Beach and Indian River County (adopted in 1993), the expenditure <br />of the tourist development tax revenue can fund projects necessary to protect <br />and preserve the County's beaches with up to 50 percent of the revenues <br />derived from the tourist development tax. These funds are available to be <br />pledged to secure revenue bonds issued by the County for this purpose. <br />The current 50 percent revenue contribution can be applied to fund the cost of <br />the beach restoration projects. Based on actual collections of the tourist <br />development tax in 1998, and assuming no growth in collections over the next 5 <br />years, this revenue source will provide $504,200 annually to the Beach <br />Restoration Fund, or $2,827,650 over the 1999-2004 project implementation <br />period. The tourist development taxes imposed by the County are collected in <br />accordance with section 125.0104, Florida Statutes. The tourist developmC."t <br />tax is levied at three (3) percent and currently generates more than $300,000 for <br />each cent. <br />98-90UPH52R£PORT/DfW TN6019i4KME <br />43 <br />