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Local Sources <br />Local sources consist of revenues that are levied, <br />collected and disbursed at the local level solely <br />at the discretion of Indian River County. Those <br />local sources are shown in table 6.1, and are <br />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 />2011/12, Indian River County imposed a <br />aggregate millage rate of 5.0633. 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 2011/12, Indian <br />River County collected approximately <br />$70,328,000 in ad valorem taxes. In FY <br />2011/12, ad valorem taxes represented 35.75% <br />of all revenues collected by Indian River <br />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 />• Enterprise Funds <br />Figure 6.1: Ad Valorem Tax Revenue <br />$120,000 <br />599,68 7 599 827 <br />$100,000 X4.397 <br />584,604 <br />$80,000 $75A58 <br />$70,328 <br />$60,000 <br />$40,000 <br />$20,000 <br />$0 <br />2007 2008 2009 2010 2011 2012 <br />■Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Figure 6.2: Enterprise Fund Reserve <br />$47,000 546114 <br />$46,000 <br />$45,000b77 <br />$44,000 <br />542,905 <br />$43.000 542 378 <br />$42,000 $41,531 $41,542 <br />$41,000 <br />$40,000 <br />$39,000 <br />2007 2008 2009 2010 2011 2012 <br />■Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Within governmental entities, there are often various departments that provide goods and services to <br />the public in a manner similar to the private sector. Such departments, classed under the general title <br />"enterprise funds," must raise revenues from outside the government sector. Generally, enterprise <br />Community Development Department <br />Adopted , 2013, Ordinance 2013-, <br />Indian River County <br />3 <br />