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7/6/1999
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7/6/1999
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
07/06/1999
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r � <br />BOOK FAGE <br />Analysis <br />In the late 1980's Indian River County found itself in an infrastructure dilemma when developing <br />its Comprehensive Land Use Plan. Based on the capital improvement element at that time, the <br />County had over $400 million of infiastructure improvements over the next twenty years and was <br />seeking adequate revenue sources to meet the levels of service set -forth. A review was begun of <br />additional revenue alternatives available to fund future infrastructure needs. <br />Analysis - continued <br />After studying the alternatives, Indian River County found the Optional Sales Tax appealing for the <br />following reasons: <br />1. FAIR ALTERNATIVE - ALL USERS CONTRIBUTE - Everyone pays, including <br />tourists and non-residents; not just the property owners of Indian River County. The <br />roads and other infiastructure within the County are built for peak demand. Tourists <br />and non-residents use the County's roads, parks, and facilities. Optional Sales Tax <br />does not hit just one specific group of people, unlike user or impact fees. <br />2. DOLLARS GENERATED - There were no other revenue sources, besides ad valorem <br />taxes, that could generate approximately $7 million a year in revenues. <br />3. INCLUDED EXEMPTIONS - Sales tax is exempted on purchases of medicine and <br />food. <br />4. CITIES AND COUNTY SHARE - The sales tax is not just received by the County. <br />The Cities get a proportionate share to help them in their infiastructure needs. <br />5. PAY AS YOU GO - It gave Indian River County the ability to pay for capital <br />improvements with existing available fiords, possibly augmented by -short-term <br />borrowings. This would eliminate the need for ten or forty year debt for these type <br />projects and would substantially reduce overall cost of capital improvements by not <br />having to pay huge financing costs (interest) over a long period of time. <br />6. USED FOR NEEDED CAPITAL PROJECTS -Money could be used for jails, roads, <br />parks and health Mlities which would have to be built regardless if an optional sales <br />tax was in place or not. This would place a burden on other resources (i.e., ad valorem <br />taxes). <br />7. MONEY CANNOT BE USED FOR OPERATING EXPENSES <br />8. LIlVIITED TIME PERIOD - It would be in affect for a maximum of fifteen years. <br />9. LIKELIHOOD OF STATE GIVING COUNTIES AND CITIES OTHER <br />ALTERNATNE REVENiIE SOURCES - The state is in the same position as the <br />County. It cannot keep up with capital improvements and is looking for ways to pay <br />for its infrastructure. In fact, the State mandates more programs to the County every <br />day without a revenue stream that will adequately support them. <br />10. MINIM M ROAD IMPACT FEE INCREASES - In 1988 the County had estimated <br />a shortfall of $60 million dollars to purchase right-of-way and construct roads over the <br />next twenty years. This cost is figured in the calculation of road impact fees adding to <br />the cost of construction within the County. <br />11. OPTIONAL SALES TAX CHARGED UP TO CAP OF $5 00000 IN PURCHASES <br />(PER TRANSACTION) - (A maximum optional additional sales tax paid on each item <br />purchased of $50.00.) <br />JULY 69 1999 <br />
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