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• • <br />9.A.2. <br />PUBLIC HEARING - REVENUE DISTRIBUTION <br />FORMULA FOR 6¢ LOCAL OPTION GAS TAX <br />PURSUANT TO CHAPTER 209 OF THE INDIAN RIVER <br />COUNTY CODE <br />PROOF OF PUBLICATION OF ADVERTISEMENT FOR HEARING IS ON FILE IN THE OFFICE OF THE <br />CLERK TO THE BOARD <br />The Board reviewed a Memorandum of May 13, 2002: <br />TO: James E. Chandler, <br />County Administrator <br />FROM: James W. Davis, P.E., <br />Public Works Director <br />SUBJECT: Public Hearing to Consider Revenue Distribution Formula <br />for 6 Local Option Gas Tax <br />DATE: May 13, 2002 <br />DESCRIPTION AND CONDITIONS <br />As required by Chapter 209 of the Indian River County Code, the <br />Board of County Commissioners shall conduct a Public Hearing in May <br />biannually to approve a revenue distribution formula for the 6t <br />Local Option Gas Tax. This tax revenue is currently shared with <br />the five municipalities based upon a formula as follows: <br />"The percentage of total revenue allocated to each eligible <br />entity equals one-third of the entity's percentage of total <br />equivalent lane miles of road plus one-third of the entity's <br />percentage of transportation expenditures over the previous <br />five years plus one-third of the entity's total percentage of <br />population residing in the area based upon the most recent <br />estimate from the Florida Bureau of Economic and Business <br />Research." <br />This formula has been used over the past fifteen years. <br />RECOMMENDATIONS AND FUNDING <br />Unless the Board receives substantial objection from the <br />municipalities, staff recommends that the existing formula be <br />retained <br />MAY 21, 2002 <br />-39- <br />nv <br />thk <br />