Laserfiche WebLink
Comprehensive Plan Capital Improvements Element <br />Local Sources <br />Local sources consist of revenues that are <br />levied, collected and disbursed at the local <br />level solely at the discretion of Indian River <br />County. These local sources are shown in <br />table 6.1, and are described in further detail <br />below. <br />• Ad Valorem Taxes (Property <br />Taxes) <br />Ad Valorem taxes are taxes levied on the <br />assessed value (net of any exemptions) of real <br />and personal property. This tax is commonly <br />referred to as "property tax." Ad valorem <br />taxes are generally assessed in mills; that is, <br />thousandths of a dollar of assessed value. The <br />state mandated millage cap is 10 mills per <br />local government, excluding voted millages. <br />In FY 2007/08, Indian River County applied <br />an aggregate millage rate of 5.1726. The Board <br />of County Commissioners' policies allow <br />revenue from ad valorem taxes to be used for <br />both operating and capital project expenditures. <br />Table 6.1 shows that, in FY 2007/08, Indian <br />River County collected approximately <br />$99,827,000 in ad valorem taxes. Ad valorem <br />taxes represented 37.06% of all revenues <br />collected by Indian River County in FY <br />2007/08. <br />Figure 6.1 displays the ad valorem tax revenue <br />collected by Indian River County over the last <br />six fiscal years. Over that time period, ad <br />valorem tax revenue increased 59.27%. <br />Figure 6.1: Ad Valorem Tax Revenue <br />$120,000 <br />$60,000 <br />$99,687 $99,827 <br />$100,000 <br />$50,238 $49,824 <br />$50,000 <br />$a4,914 <br />$46.1w $44,677 <br />$80,000 <br />$40,447 <br />$62,676 <br />$70,134 <br />$60,000 <br />$30,000 <br />— <br />$20,000 <br />— <br />$40,000 <br />$10,000 <br />— <br />$20,000 <br />— <br />$0" <br />$o <br />2003 <br />2004 2005 2006 2007 2008 <br />2003 <br />2004 2005 2006 2007 2008 <br />E3 Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Source: Indian River County Finance Department <br />Community Development Department Indian River County <br />Supplement #_; Adopted November _, 2009, Ordinance 2009-_ 3 <br />Figure 6.2: Enterprise Fund Reserve <br />$60,000 <br />$50,238 $49,824 <br />$50,000 <br />$46.1w $44,677 <br />$40,447 <br />$40,000 <br />-E6,943 <br />$30,000 <br />— <br />$20,000 <br />— <br />$10,000 <br />— <br />a <br />$0" <br />2003 <br />2004 2005 2006 2007 2008 <br />a Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Community Development Department Indian River County <br />Supplement #_; Adopted November _, 2009, Ordinance 2009-_ 3 <br />