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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 />2013/14, Indian River County imposed a
<br />aggregate millage rate of 5.4611. According to
<br />County policy, ad valorem taxes may be used for both operating and capital project expenditures.
<br />Table 6.1 shows that, in FY 2013/14, Indian River County collected approximately $72,716,000 in
<br />ad valorem taxes. In FY 2013/14, ad valorem taxes represented 34.90% of all revenues collected by
<br />Indian River County.
<br />Figure 6.1: Ad Valorem Tax Revenue by
<br />FY
<br />$100,000
<br />$90,000
<br />$80,000
<br />$70,000
<br />$60,000
<br />$50,000
<br />$40,000
<br />$30,000
<br />$20,000
<br />$10,000
<br />$o
<br />594,397
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<br />- IN MI IN III
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<br />$84,604
<br />$75458
<br />570,328
<br />$66,970
<br />$72,716
<br />08/09 09/10 10/11 11/12 12/13 13/14
<br />• Revenue (in thousands)
<br />Source: Indian River County Finance Department
<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 2009, and declined through
<br />2013. With recent market data and trends
<br />showing an increase in the sales price of homes,
<br />Ad Valorem Tax Revenue increased in FY
<br />2013/14.
<br />• Enterprise Funds
<br />Within governmental entities, there are often
<br />various departments that provide goods and
<br />services to the public in a manner similar to the
<br />private sector. Such departments, classed under
<br />the general title "enterprise funds," must raise
<br />Community Development Department
<br />Adopted 'D e . i , 2015, Ordinance 2015- 011
<br />$46,000
<br />$45,000
<br />$44,000
<br />$43,000
<br />$42,000
<br />$41,000
<br />$40,000
<br />$39,000
<br />Figure 6.2: Enterprise Fund Reserve by FY
<br />545,337
<br />$41,531
<br />541,542
<br />542.378
<br />542,905
<br />543,649
<br />08/09 09/10 10/11 11/12 12/13 13/14
<br />IN Revenue (in thousands)
<br />Source: Indian River County Finance Department
<br />Indian River County
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