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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 table <br />6.1, and are described in further detail 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 taxes <br />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 local <br />government, excluding voted millages. In FY <br />2009/10, Indian River County imposed a <br />aggregate millage rate of 5.1436. According to <br />County policy, ad valorem taxes may be used <br />for both operating and capital project <br />expenditures. <br />Table 6.1 shows that, in FY 2009/10, Indian <br />River County collected approximately <br />$84,604,000 in ad valorem taxes. Ad valorem <br />taxes represented 39.25% of all revenues <br />collected by Indian River County in FY <br />2009/10. <br />Figure 6.1 displays the ad valorem tax revenue <br />collected by Indian River County over the last <br />six fiscal years. As shown, ad valorem tax <br />revenue peaked in 2008, but has since come <br />down to just below 2006 values. <br />Community Development Department <br />Adopted November , 2011, Ordinance 2011 - <br />Figure 6.1: Ad Valorem Tax Revenue <br />$120,000 <br />$100,000 <br />$80,000 <br />$60,000 <br />$40,000 <br />$20,000 <br />$0 <br />2005 2006 2007 2008 2009 2010 <br />Revenue (in thousands) <br />Source: Indian River County Finance Department <br />$60,000 <br />$50,000 <br />$40,000 <br />$30,000 <br />$20,000 <br />$10,000 <br />$o <br />Figure 6.2: Enterprise Fund Reserve <br />2005 2006 2007 2008 2009 2010 <br />® Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Indian River County <br />3 <br />