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2006-323
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Last modified
8/30/2016 2:20:09 PM
Creation date
9/30/2015 10:03:54 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Plan
Approved Date
09/19/2006
Control Number
2006-323
Agenda Item Number
9.A.3.
Entity Name
IRC 2020 Comprehensive Plan
Subject
Capital Improvements Element-Chapter 6
Supplemental fields
SmeadsoftID
5834
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Comprehensive Plan Capital Improvements Element <br /> The One to Five Cent Local Option Fuel Tax is a one to five cents tax that can be levied upon every <br /> gallon of motor fuel sold in Indian River County. Revenues from this fuel tax must be shared among <br /> all eligible jurisdictions in the county as a result of an interlocal agreement or by an historical <br /> transportation expenditures formula. Authorized uses for revenue collected from the One to Five <br /> Cent Fuel Tax include transportation expenditures needed to meet the requirements of the Capital <br /> Improvements Element of the Comprehensive Plan . <br /> A Professional Sports Franchise Facility Tax is a levy of up to I % on any lodging agreement for six <br /> months or less, within Indian River County. Revenue from this tax may be used to pay the debt <br /> service on bonds issued to finance the construction, reconstruction, or renovation of a professional <br /> sports franchise facility. <br /> State Sources <br /> Revenue classified as state sources may be generated locally but collected by the state and returned to <br /> the county. For example, state sources may originate from state general revenues and be shared by the <br /> state according to state revenue allocation formulas. Table 6. 1 displays the state revenue sources <br /> applicable to Indian River County. These sources are described in further detail below. <br /> • Local Government Half-Cent Sales Tax <br /> The Local Government Half Cent Sales Tax <br /> Program allocates 8 . 814% of net sales tax j Figure 6. 10: Half Cent Sales Tax Revenue <br /> proceeds remitted by sales tax dealers in a <br /> county to a special account administered by $10,000 <br /> $9,000 $8,747 <br /> the Department of Revenue ; this account is - <br /> the Local Government Half Cent Sales Tax $8,000 $7.002 <br /> Clearing Trust Fund. These funds are then $7,000 $6,20$ <br /> asszt assn _ <br /> earmarked for distribution to the governing $6,000 <br /> body of the county and each municipality $5, 000 - <br /> within the county. Distribution of these $4' 000 <br /> monies within the county is determined by a j $3,000 <br /> formula that uses a weighting factor based $2,000 <br /> on the population of the incorporated and $1 ,000 <br /> unincorporated areas and multiplies this <br /> factor by 8 . 814% of the sales tax proceeds 2000 2001 2002 2003 zooa 2005 <br /> received for the county. In FY 20034/045 , ® Revenue (in thousands) <br /> Indian River County received <br /> $7 , 564 ,0008 , 747,00 through the hall-cent Source: Indian River County Finance Department <br /> sales tax. As shown in table 6. 1 , that amount <br /> represented 3.76') . 45 % of all funds collected by Indian River County during the 20034/045 fiscal year. <br /> Community Development Department Indian River County <br /> 13 <br />
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