1999-187 - Laserfiche WebLink

Home Browse Search

i 0 5.4 THE LOCAL GOVERNMENT INFRASTRUCTURE SURTAX Indian River County currently imposes the local government infrastructure surtax at a rate of one (1) percent, pursuant to a referendum approved in 1989, for a period of 15 years. The distribution of the revenues is determined by the Local Government Sales Tax Formula which provides approximately $9 million for Indian River County on an annual basis. There is no statutory restriction from using the infrastructure surtax revenues to fund beach improvement projects and all or any portion of future infrastructure surtax revenue might be applied to the costs of the recreational and secondly, storm protection benefits allocated to the County residents. Alternatively, annual infrastructure surtax revenues of $1.0 and $1.25 million were evaluated to determine the potential of this revenue source to fund the Beach Restoration Fund. As described above, these funds are a potential source of revenue to implement the County's beach improvement projects over the remaining five year period authorized by the 1989 referendum (i.e.1999 through 2003). Assuming that the County funds the beach improvement projects by dedicating $1,250,000 of these funds annually for the next 5 years, these funds will provide $6,250,000 for the Beach Restoration Fund. Thereby, State BECP funds ($8,727,423), tourist development tax funds ($2,827,423), and the local government infrastructure surtax revenues at $1,250,000 annually ($6,250,000) provide a total of $17,805,073 to fund the Beach Restoration Fund. This amount exceeds the total estimated project costs of $17,685,540. A summary of the estimated project costs to implement the BPP is provided in Table 18 which summarizes the anticipated project related expenses. Table 19 provides a summary of the expected monthly contributions from these sources of revenue, assuming an average of $1,250,000 in funded by the local infrastructure surtax, to pay the costs of the initial work to construct the four (4) beach restoration projects. B9%0,PRS2REPQHTMRAFTMO1", "[ 48