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Comprehensive Plan Capital Improvements Element Local Sources Local sources consist of revenues 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 and 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 2010/11, Indian River County imposed a aggregate millage rate of 5.0933. According to County policy, ad valorem taxes may be used for both operating and capital project expenditures. Table 6.1 shows that, in FY 2010/11, Indian River County collected approximately $75,458,000 in ad valorem taxes. In FY 2010/11, ad valorem taxes represented 37.53% of all revenues collected by Indian River County. Figure 6.1 displays the ad valorem tax revenue collected by Indian River County over the last six fiscal years. As shown, ad valorem tax revenue peaked in 2008, but has since declined to just below 2006 values. Community Development Department Adopted , 2012, Ordinance 2012-. Figure 6.1: Ad Valorem Tax Revenue $120,000 $99,687 $99,827 $100,000 $94,397 $84,914 $84,604 $80,000 $75,458 $60,000 $40,000 $20,000 $o 2006 2007 2008 2009 2010 2011 ■ Revenue (in thousands) Source: Indian River County Finance Department Figure 6.2: Enterprise Fund Reserve $52,000 $49,824 $50,000 $48,000 $as,1u $46,000 $44,677 $44,000 $42,378 $42,000 $41,531 $41,542 $40,000 $38,000 $36,000 2006 2007 2008 2009 2010 2011 ■ Revenue (in thousands) Source: Indian River County Finance Department Indian River County 3