9-Conv Dev Tax - 2021Convention Development Tax Fund
Purpose:
This program is funded through the levy of the local tourist development tax. The City receives 2% of the collections on the rental of living quarters, net of a 1% administrative fee
charged by the County, plus interest earnings on the funds received and invested.
These funds are restricted by Florida Statute 212.0305 for the extension, enlargement, improvement, or construction of a multipurpose convention center, coliseum, or exhibit center,
or to acquire, construct, remodel, repair or maintain one or more convention centers, stadiums, exhibit halls, arenas, coliseums.
In addition to the uses described above, the City of Atlantic Beach, through Resolution 91-5, has authorized these funds to be used to acquire and develop municipal parks, lifeguard
stations, and/ or athletic fields. Contributions to promote tourism in the beaches communities is also an approved use of these funds.
Issues, Trends and Highlights:
In FY2014, FY2015 and into future years, the budget plan is to include the use of these funds as a match for grants dedicated to Marsh Master Plan projects. This will be accomplished
by transferring those funds to a Capital Project Fund so that multiple funding sources can be combined to fund the projects and used as the projects are approved.