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9.A.1. PUBLIC HEARING - OPTIONAL SALES TAX - 3`D 5 - YEAR PERIOD PROOF OF PUBLICATION OF ADVERTISEMENT FOR HEARING IS ON FILE IN TAE OFFICE OF THE CLERK TO THE BOARD (CLERK'S NOTE: THIS ITEM WAS HEARD AFTER ITEM 9JL2. BUT IS INCLUDED IN ITS PROPER ORDER FOR PURPOSES OF CONTINUITY.) The Board reviewed a Memorandum of June 29, 1999: TO: Members of the Board of County Commissioners DATE: June 29, 1999 SUBJECT: OPTIONAL SALES TAX - THIRD - OMB AGENDA FROM: /fames E. Chandler Josep Baird County Administrator OMB ' for Background Information Chapter 87-239 Laws ofFlorida initiated the "Local Government Infrastructure Commitment Act", which allowed counties to levy, for a period of up to fifteen years, a one cent tax on all transactions subject to taxation under Chapter 212.054 of the Florida statutes. In order to enact the surtax, an ordinance must be passed by the majority of the members of the Board of County Commissioners and then approved by a majority of votes in a referendum or passed by governing bodies of municipalities, representing a majority of the County's population, and approved by a majority of voters in a referendum. The Optional Sales Tax revenues are distributed to Indian River County and to the Cities within the County based on the same formula provided for under Chapter 218.62 Florida Statutes. This means Indian Riv_q County and the municipalities (Vent Beach, Sebastian, Indian River Shores, Town of Orchid and Fellsmere) shall receive a proportion of monies earmarked for distribution within the County. The proportion each municipal government receives is computed by dividing the population of that municipality by the sum of the total County population plus two-thirds of the incorporated areas' population. The county's portion is computed by dividing the sum of the unincorporated area's population plus two-thirds of the incorporated area population by the sum of the total County population plus two-thirds of the incorporated areas' population. According to the information provided by the State, in the 1998/99 year the revenue breakdown will be as follows: Indian River County *$9,053,766 Vero Beach $1,752,663 Sebastian $1,425,818 Indian River Shores $264,964 Fellsmere $243,187 Town of Orchid $4,434 TOTAL $12,744,832 *We budget 95% of the estimated amount Proceeds of the surtax may be expended on infrastructure as defined in the bill as "any fixed capital expenditure or fixed capital costs associated with the construction, reconstruction or improvement of public facilities which have a life expectancy of 5 or more years and any land acquisition, land improvement, design and engineering costs related thereto." JULY 69 1999 -33- BOOK DO F,1GE -3