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r � <br />BOOK A PAGE 630 <br />TO: Members of the Board <br />of County Commissioners <br />DATE: June 30, 1999 <br />SUBJECT: CHANGE IN OPTIONAL SALES TAX REVENUE PROJECTIONS <br />THROUGH: Jim Chandler <br />County Administrator <br />FROM: Joseph A. Bai <br />OMB Director <br />On June 22, 1999 staff presented the Third Five -Year Optional Sales Tax Program to the <br />Board of County Commissioners. In the analysis, the Budget Director had projected the <br />first year (1999/2000) sales tax revenue to be $9,420,000.00. However, on June 28, 1999 <br />the State of Florida released their sales tax revenue estimate, which is $10,406,493.00 for <br />the 1999/2000 fiscal year. This is $986,493.00 over the Budget Director's estimate and <br />a 14.9 percent increase over the current year's revenue. <br />This increase is good news. If a modest increase of $100,000.00 per year is projected on <br />the State of Florida's 1999/2000 estimate, this will equate to an additional $3,217,168.00 <br />in revenue over the five-year period to be used for projects. <br />JULY 69, 1999 <br />0 -36- <br />