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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 2008/09, Indian River County applied an aggregate millage rate of 5.1628. According to County policy, ad valorem taxes may be used for both operating and capital project expenditures. Table 6.1 shows that, in FY 2008/09, Indian River County collected approximately $94,397,000 in ad valorem taxes. Ad valorem taxes represented 40.26% of all revenues collected by Indian River County in FY 2008/09. Figure 6.1 displays the ad valorem tax revenue collected by Indian River County over the last six fiscal years. During that time period, ad valorem tax revenue increased 34.60%. Figure 6.1: Ad Valorem Tax Revenue $120,000- $99,687 $9s az7 $100,000 $94,397 $84,914 $80,000 $74,179 $70,134 $60,000 $40,000- $20,000 $0-- 2004 2005 2006 2007 2008 2009 ■ Revenue (in thousands) Source: Indian River County Finance Department Figure 6.2: Enterprise Fund Reserve $60,000- 8 $49,824 $50,000 $46,114 $44,6n $40,447 $41,`x31 $40,000- $30,000- $20,000 40,000$30,000$20,000 - $10,000 $0-- 2004 2005 2006 2007 2008 2009 ® Revenue (in thousands) Source: Indian River County Finance Department Community Development Department Indian River County Supplement #_; Adopted November_, 2010, Ordinance 2010-_ 3