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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
<br /> sources are shown in table 6.1,and are described in Figure 6.1: Ad Valorem Tax Revenue by
<br /> further detail below. FY
<br /> $90,000 $84,714
<br /> • Ad Valorem Taxes (Property
<br /> Taxes) $80,000 $75. 70,32 $72,716 $76,634 ,
<br /> $ 8
<br /> $70,000 , . $66,970 .1 ■ I
<br /> Ad Valorem taxes are taxes levied on the assessed $60,000 , ■ • • • •
<br /> value(net of any exemptions)of real and personal $50,000 , ■ ■ ■ ■ ■ ,
<br /> property. This tax is commonly referred to as $40,000 , El ■ ■ ■ ■ i
<br /> "property tax." Ad valorem taxes are generally $30,000 , 1111 ■ ■ ■ I.
<br /> assessed in mills;that is,thousandths of a dollar of $20,000 , ■ ■ ■ ■ ■ ,
<br /> assessed value. The state mandated millage cap is $10,000
<br /> 10 mills per local government, excluding voted $o NEM MINIII
<br /> millages. In FY 2015/16, Indian River County 10/11 11/12 12/13 13/14 14/15 15/16
<br /> imposed an aggregate millage rate of 5.8001. ■Reeenue(in thousands)
<br /> According to County policy,ad valorem taxes may Source: I ndian River County Finance Department
<br /> be used for both operating and capital project
<br /> expenditures.
<br /> Table 6.1 shows that,in FY 2015/16,Indian River County collected approximately$84,714,000 in
<br /> ad valorem taxes. In FY 2015/16,ad valorem taxes
<br /> represented 35.64% of all revenues collected by Figure 6.2: Enterprise Fund Reserve by
<br /> Indian River County. FY
<br /> Figure 6.1 displays the ad valorem tax revenue $60,000 i
<br /> collected byIndian River Countyover the last six $47,739 $51,072
<br /> $50,000 — $4337
<br /> fiscal years. As shown, ad valorem tax revenue $42.37s $429� $43'649 ,
<br /> decreased in 2012/13, and has increased each year $40,000 ' • ■ ■ in II
<br /> since then. The increase relates to a continually $30,000 ' El • • • • '
<br /> improving housing and property market.
<br /> $20,000 ' ■ • • • •
<br /> • Enterprise Funds sio,000 • ■ ■ ■ ■ .
<br /> $0 Within governmental entities, there are often 10/11 11/12 12/13 13/14 14/15 15/16
<br /> various departments that provide goods and
<br /> •Revenue(in thousands)
<br /> services to the public in a manner similar to the
<br /> private sector. Such departments,classed under the Source: Indian River County Finance Department
<br /> general title"enterprise funds,"must raise revenues
<br /> from outside the government sector. Generally,enterprise departments assess a fee to the customer
<br /> Community Development Department Indian River County
<br /> Adopted December 5,2017,Ordinance 2017-015 3
<br />
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