|
Comprehensive Plan Capital Improvements Element
<br />expenditures on capital improvements. For the first three years of the plan, only committed and
<br />available revenue sources are utilized. In developing revenue estimates for this process, historic
<br />revenue trends, current and anticipated economic conditions, population and growth trends,
<br />legislative changes, and any other factors that may impact future revenue streams were considered.
<br />This analysis is far more complex than projecting prior trends into the future. This is evident in the
<br />forecasted revenues shown in this section.
<br />During the past five years, there has been a gradual decrease in most revenue sources. Estimates
<br />going forward show a decrease in most revenue sources for the next couple years followed by
<br />moderate increases. This is consistent with the current economic recession followed by an
<br />anticipated moderate recovery thereafter.
<br />Many of the revenue sources identified in the CIP have unique characteristics. For example, sales
<br />taxes react differently than gas taxes to similar circumstances. The analysis accounts for such
<br />differences. Because gas taxes are levied on a per gallon basis rather than a percentage basis like the
<br />sales tax, gas taxes do not increase as a result of rising prices the way sales taxes do. Further, gas
<br />taxes do not typically decline as significantly as sales taxes during economic slowdowns. Property
<br />taxes, impact fees, user fees, interest earnings, and other revenues have additional behavioral
<br />characteristics that were considered in estimating future receipts. All such estimates were developed
<br />with the use of professionally accepted methodologies. To ensure a financially balanced CIP (see
<br />Appendix A), scheduled expenditures were constrained by projected revenues.
<br />As part of this capital improvements element, the county's general revenues have been projected for
<br />fiscal years 2010/11 through 2014/15. This section addresses general revenues and earmarked
<br />projected revenues as well as the county's tax base and millage rate projections.
<br />Overall Projected Revenues
<br />Table 6.7 summarizes the county's projected revenue for fiscal years 2010/11 through 2014/15. These
<br />revenues include the county's general governmental funds, enterprise funds, and internal funds. As
<br />table 6.7 shows, general revenue collected by the county is projected to decrease slightly in the next
<br />fiscal year and increase by only 3.22% by fiscal year 2014/15. Overall, general revenue is projected
<br />to increase from $278,508,044 in FY 2010/11 to $287,466,627 in FY 2014/15.
<br />Table 6.7: Overall General Revenue Projection Summary
<br />FY
<br />2010/11
<br />2011/12
<br />2012/13
<br />2013/14
<br />2014/15
<br />TOTAL
<br />Taxes
<br />96,290,805
<br />100,034,202
<br />100,034,000
<br />105,392,971
<br />108,028,000
<br />509,779,978
<br />Licenses &
<br />Permits
<br />20,754,256
<br />20,754,000
<br />21,273,000
<br />21,805,000
<br />22,350,000
<br />106,936,256
<br />Community Development Department Indian River County
<br />Adopted November 2, 2010, Ordinance 2010-024
<br />29
<br />
|