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Local Sources
<br />Local sources consist of revenues that are levied, collected and disbursed at the local level solely at
<br />the discretion of Indian River County. Those local sources are shown in table 6. 1, and are described
<br />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 />2014/15, Indian River County imposed an
<br />aggregate millage rate of 5.5477. According to
<br />County policy, ad valorem taxes may be used for
<br />both operating and capital project expenditures.
<br />Figure 6.1: Ad Valorem Tax Revenue by
<br />FY
<br />$90,000 $e4soa – ----...--- -- — ----
<br />$80,000 $75 ` $72,716 $76,634
<br />$70,328
<br />$70,000 $6Q970
<br />$60,000
<br />$50,000-
<br />$40,000
<br />$30,000
<br />$20,000
<br />$10,000
<br />$0
<br />09/10 10/11 11/12 12/13 13/14 14/15
<br />■Revenue (in thousands)
<br />Source: Indian River County Finance Department
<br />Table 6.1 shows that, in FY 2014/15, Indian River County collected approximately $76,634,000 in
<br />ad valorem taxes. In FY 2014/15, ad valorem taxes represented 34.72% of all revenues collected by
<br />Indian River Count
<br />Figure 6.1 displays the ad valorem tax revenue
<br />collected by Indian River County over the last six
<br />fiscal years. As shown, ad valorem tax revenue
<br />peaked in 2010, and declined through 2013. With
<br />recent market data and trends showing an increase
<br />in the sales price of homes, Ad Valorem Tax
<br />Revenue increased in FY 2013/14 and again in FY
<br />2014/15.
<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 eneral title "enter rise funds " must raise
<br />Figure 6.2: Enterprise Fund Reserve by FY
<br />$49,000 -___
<br />$48,000 $47'736
<br />$47,000
<br />$46,000 $45,337
<br />$45,000
<br />$44,000 $42,905 $43,649
<br />$43,000 $42,378
<br />$42,000 $41,5x2
<br />$41,000
<br />$40,000
<br />$39,000
<br />$38,000
<br />09/10 10/11 11/12 12/13 13/14 14/15
<br />■ Revenue (in thousands)
<br />Source: Indian River County Finance Department
<br />g p
<br />revenues from outside the government sector. Generally, enterprise departments assess a fee to the
<br />Community Development Department
<br />Adopted , 2016, Ordinance 2016 -
<br />Indian River County
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