FY 2010-11 Adopted Budget - Volusia County Government

Resort Tax Fund - 106Resort Tax Fund - 106Summary: Tourist Development/Resort Tax - a 3% tax on short term rentals (6 months or less) of livingaccommodations. Of these funds, 2% provides funding for the debt service on the 2002 TouristDevelopment Tax bond issue for the construction on the Ocean Center. The additional 1% providesfunding for the 2004 Tourist Development Tax bond issue on the expansion of the Ocean Center. Theadministrative service charge is taken from 2% tax only. The Tourist Development/Resort Tax was enactedin 1978 levying a two percent tax on short term rentals of living accommodations for six months or less.On April 24, 2003 the Volusia County Council adopted Ordinance 2003-07 raising the tax to three percenteffective as of July 1, 2003. Revenue from these funds are pledged to secure and liquidate revenue bondsfor the acquisition, construction, extension, enlargement, remodeling, repair, improvement, maintenance,operation or promotion of one or more publicly owned and operated convention centers, sports stadiums,sports arenas, coliseums or auditoriums within Volusia County. Interfund transfers for FY 2010-11 are DebtService Fund (203) $4,747,190 and Ocean Center Fund (118) $1,764,206.AdoptedFY2009-10BudgetFY2010-11RevenuesCurrent RevenuesTaxes $ 6,470,788 $ 6,598,600Miscellaneous Revenues 6,000 700Subtotal Current Revenues $ 6,476,788 $ 6,599,300Non-Current RevenuesSubtotal Non-current Revenues $ 0 $ 0Total Revenues $ 6,476,788 $ 6,599,300Less Operating Transfers 6,376,788 6,511,396Total Operating Revenues $ 100,000 $ 87,904ExpendituresOperating Expenses $ 100,000 $ 87,904Interfund Transfers 6,376,788 6,511,396Total Expenditures $ 6,476,788 $ 6,599,300Less Operating Transfers 6,376,788 6,511,396Total Operating Expenditures $ 100,000 $ 87,904Net Revenues Less Expenditures $ 0 $ 0Volusia County Section E - 32