FY 2010-11 Adopted Budget - Volusia County Government

Revenue ProceduresREVENUE PROCEDURES1. Ad valorem taxes will be anticipated for purposes of operating budget preparation at:a. a minimum of 95% of the projected taxable value of current assessments,b. a minimum of 95% of the projected taxable value from new construction, andc. current millage rates, unless otherwise specified.2. The use of sales tax revenues will be limited to the General, Ocean Center, and Municipal ServiceDistrict Funds, unless required for debt service by bond indenture agreements or as directed by CountyCouncil. The allocation of sales tax revenue between countywide purposes and Municipal ServiceDistrict purposes will be in accordance with provisions of Florida Statutes 218.64 and direction of theCounty Council. Four sales tax bond issues, currently outstanding, were issued forconstruction/renovation of County facilities and the purchase of property.3. The use of state revenue sharing monies will be limited to the General and County Transportation Trustfunds, unless required for debt service by bond indenture agreements.4. The use of gas tax revenue sharing monies will be limited to the County Transportation Trust fund. Gastax revenues will be used in the following manner:5th and 6th Cent(Constitutional Fuel Tax)7th Cent(County Fuel Tax)9th Cent County Voted(9th Cent Fuel Tax)6-Cent Local Option Gas Tax *(1-6 Cents Local Option Fuel Tax)Additional 5-Cent Local Option Gas Tax *(1-5 Cents Local Option Fuel Tax)MaintenanceOperation and Maintenance50% Resurfacing, 50% ConstructionOperations and MaintenanceConstruction of County major arterialand collector roads within the citiesTransportation Expenditures to meet theCapital Improvement Element of theComprehensive Plan The Volusia County Council authorizes both the 5-cent and 6-cent local option gas taxes to bedistributed between the County and participating municipalities according to formulas agreed toby interlocal agreement. The County receives 57.239% of revenue distributions, and themunicipalities share 42.761%. There are fixed percentages for cities based on annual countywiderevenues for each calendar year up to $22,170,519.32. Distributions of annual revenues tomunicipalities in excess of $22,170,519.32 are based on an annually adjusted formula that includespopulation, assessment, and lane mileage; however, the aggregate percentage to all cities remainsat 42.761%.Both distributions are updated annually and must be filed with the StateDepartment of Revenue by July 1 of each year.5. Utility tax revenues are allocated for the unincorporated areas of the County as follows:a. a minimum of $750,000 for road operation and maintenance or construction,b. the balance of revenues to be used for any lawful unincorporated area purpose.6. The use of revenues pledged to bond holders will conform in every respect to bond covenants whichcommit those revenues.Volusia County Section J - 4