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Comprehensive Plan Local Sources Capital Improvements Element Local sources consist of revenue sources that are levied, collected and disbursed at the local level solely at the discretion of Indian River County. These local sources are shown in table 6.1, and are described in further detail below. • Ad Valorem Taxes (Property Taxes) Ad Valorem taxes are taxes levied on the assessed value (net of any exemptions) of real or personal property. This tax is commonly referred to as "property tax." Ad valorem taxes are generally assessed in mills; that is, thousandths of a dollar of assessed value. The state mandated millage cap is 10 mills per local government, excluding voted millages. In FY 2003/04, Indian River County applied an aggregate millage rate of 6.5336. The Board of County Commissioners' policies allow revenue from ad valorem taxes to be used for both operating and capital project expenditures. Table 6.1 shows that, in FY 2003/04, Indian River County collected approximately $70,134,000 in ad valorem taxes. Ad valorem taxes represented 34.82% of all revenues collected by Indian River County in FY 2003/04. Figure 6.1 displays the ad valorem tax revenue collected by Indian River County over the last six fiscal years. Over that time period, ad valorem tax revenue increased 55.45%. Community Development Department Supplement #_; Ordinance 2005 - Figure 6.1: Ad Valorem Tax Revenue $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 - $10,000 $70,134 $o 1999 2000 2001 2002 2003 2004 Revenue (in thousands) Source: Indian River County Finance Department $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Figure 6.2: Enterprise Fund Reserve 1999 2000 2001 2002 2003 2004 Revenue (in thousands) Source: Indian River County Finance Department Indian River County 3