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Ordinance No. 2014-020 Comprehensive Plan Capital Improvements Element Since the start of the decline of the housing boom and throughout the economic recession that followed, there was a gradual decrease in most of the County's revenue sources. With the ongoing economic recovery, forecasts show an overall increase in total revenue through FY 2017/18. That reflects an assumption that the economic recovery will continue for several years followed by a slight slow -down in the economy. Table 6.7 indicates that Fiscal Year 2014/2015 total revenue is higher than each of the other projected fiscal year totals because Fiscal Year 2014/15 includes approximately $57 million in existing fund balances listed under "Other Sources". Not including the existing fund balance item, the projected total revenues for Fiscal Year 2014/15 is less than subsequent fiscal years. Many of the revenue sources identified in the CIP have unique characteristics. For example, sales taxes react differently than gas taxes to similar circumstances. The analysis accounts for such differences. Because gas taxes are levied on a per gallon basis rather than a price percentage basis like the sales tax, gas taxes do not increase as a result of rising prices the way that sales taxes do. Further, gas taxes do not typically decline as significantly as sales taxes during economic slowdowns. For property taxes, impact fees, user fees, interest earnings, and other revenues, additional behavioral characteristics were considered in forecasting future receipts. All such forecasts were developed with the use of professionally accepted methodologies. To ensure a financially balanced CII' (see Appendix A), scheduled expenditures were constrained by projected revenues. As part of this capital improvements element, the County's general revenues were forecasted for fiscal years 2014/15 through 2018/19. This section addresses general revenues and earmarked projected revenues as well as the county's tax base and millage rate projections. • Overall Forecasted Revenues Table 6.7 summarizes the County's forecasted revenue for fiscal years 2014/15 through 2018/19. Those revenues include the County's general governmental funds, enterprise funds, and internal funds. As table 6.7 shows, general revenue collected by the County is forecast to increase from fiscal year 2014/15 to fiscal year 2017/18, decreasing slightly in the fifth year. As noted in the above Forecasted Revenues section, Fiscal Year 2014/15 projected total revenues include approximately $57 million in existing fund balances. This balance is not reflected in the totals going forward. Community Development Department Indian River County Adopted , 2014, Ordinance 2014- 29