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Comprehensive Plan Capital Improvements Element
<br />analysis is far more complex than projecting prior trends into the future. That is evident in the
<br />forecasted revenues shown in this section.
<br />Since the start of the decline of the housing boom and throughout the economic recession that
<br />followed, there was a gradual decrease in most of the County's revenue sources. With the ongoing
<br />economic recovery, forecasts show an overall increase in total revenue through FY 2019/20, of
<br />2.5%. Table 6.7 indicates that Fiscal Year 2015/16 total revenue is higher than each of the other
<br />projected fiscal year totals because Fiscal Year 2015/16 includes approximately $50 million in
<br />existing fund balances listed under "Other Sources". Not including the existing fund balance item,
<br />the projected total revenues for Fiscal Year 2015/16 is less than subsequent fiscal years.
<br />Many of the revenue sources identified in the CIP have unique characteristics. For example, sales
<br />taxes react differently than gas taxes to similar circumstances. The analysis accounts for such
<br />differences. Because gas taxes are levied on a per gallon basis rather than a price percentage basis
<br />like the sales tax, gas taxes do not increase as a result of rising prices the way that sales taxes do.
<br />Further, gas taxes do not typically decline as significantly as sales taxes during economic slowdowns.
<br />For property taxes, impact fees, user fees, interest earnings, and other revenues, additional behavioral
<br />characteristics were considered in forecasting future receipts. All such forecasts were developed with
<br />the use of professionally accepted methodologies. To ensure a financially balanced CIP (see Appendix
<br />A), scheduled expenditures were constrained by projected revenues.
<br />As part of this capital improvements element, the County's general revenues were forecasted for fiscal
<br />years 2015/16 through 2019/20. This section addresses general revenues and earmarked projected
<br />revenues as well as the county's tax base and millage rate projections.
<br />Overall Forecasted Revenues
<br />Table 6.7 summarizes the County's forecasted revenue for fiscal years 2015/16 through 2019/20.
<br />Those revenues include the County's general governmental funds, enterprise funds, and internal funds.
<br />As table 6.7 shows, general revenue collected by the County is forecast to remain relatively level from
<br />fiscal year 2015/16 to fiscal year 2019/20,. As noted in the above Forecasted Revenues section, Fiscal
<br />Year 2015/16 projected total revenues include approximately $50 million in existing fund balances.
<br />This balance is not reflected in the totals going forward.
<br />Community Development Department Indian River County
<br />Adopted TJ e -- . 1 , 2015, Ordinance 2015 -tel 29
<br />Table 6.7: Overall General Revenue IF, p tia> - Sum7pata r
<br />2015/16
<br />2016117
<br />2017/18.
<br />Zt)18f19
<br />2419120'
<br />�4`}L
<br />FY
<br />$109,118,750'
<br />$563,880,702
<br />Taxes
<br />$109,514,952
<br />$112,253,000
<br />$115,059,000
<br />$117,935,000
<br />Permits, Fees &
<br />$26,953,811
<br />$27,628,000
<br />$28,319,000
<br />$29,027,000
<br />$29,753,000
<br />$141,680,811
<br />Special Assess.
<br />Intergovern-
<br />$20,294,955
<br />$20,802,000
<br />$21,322,000
<br />$21,855,000
<br />$22,401,000
<br />$106,674,955
<br />ment
<br />Community Development Department Indian River County
<br />Adopted TJ e -- . 1 , 2015, Ordinance 2015 -tel 29
<br />
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