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Ordinance No. 2014-020 <br />Local Sources <br />Local sources consist of revenues that are <br />levied, collected and disbursed at the local level <br />solely at the discretion of Indian River County. <br />Those local sources are shown in table 6. 1, and <br />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 />Figure 6.1: Ad Valorem Tax Revenue <br />$120,000 <br />599,827 <br />$100,000 $94,397 <br />584.604 <br />$80,000 575.458 <br />570.328 566.970 <br />$60,000 <br />$40,000 <br />$20,000 <br />$0 <br />2008 2009 2010 2011 2012 2013 <br />■Revenue (in thousands) <br />state mandated millage cap is 10 mills per local Source: Indian River County Finance Department <br />government, excluding voted millages. In FY 2012/13, Indian River County imposed a aggregate <br />millage rate of 5.0729. According to County policy, ad valorem taxes may be used for both operating <br />and capital project expenditures. <br />Table 6.1 shows that, in FY 2012/13, Indian River County collected approximately $66,970,000 in <br />ad valorem taxes. In FY 2012/13, ad valorem <br />taxes represented 34.03% of all revenues <br />collected by Indian River County. <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 declined. <br />While recent market data and trends show an <br />increase in the sales price of homes, this <br />increase is not reflected in the FY 2012/13 Ad <br />Valorem Tax Revenue. This is because the <br />2012/13 Ad Valorem Tax Revenue data are <br />based on sales data from 2011, when sales <br />prices were still down. <br />• Enterprise Funds <br />Figure 6.2: Enterprise Fund Reserve <br />$45,000 Saa•6n <br />$44,500- <br />$44,000- 543,649 <br />$43,500 $42,905 <br />$43,000 <br />$42,378 <br />$42,500 <br />$42,000 $41.531 $41,542 <br />$41,500 <br />$41,000 <br />$40,500 <br />$40,000 <br />$39,500 <br />2008 2009 2010 2011 2012 2013 <br />• Revenue (in thousands) <br />Within governmental entities, there are often Source: Indian River County Finance Department <br />various departments that provide goods and services to the public in a manner similar to the private <br />Community Development Department <br />Adopted , 2014, Ordinance 2014-. <br />Indian River County <br />3 <br />