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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 />th d' f I d' Ri C
<br />> crehon o >an ver ounty. Those l
<br />e n ocal
<br />sources are shown in table 6. 1, and are described in
<br />further detail below.
<br />• Ad Valorem Taxes (Property
<br />Taxes)
<br />Ad Valorem taxes are taxes levied on the assessed
<br />value (net of any exemptions) of real and personal
<br />property. This tax is commonly referred to as
<br />"property tax." Ad valorem taxes are generally
<br />assessed in mills; that is, thousandths of a dollar of
<br />assessed value. The state mandated millage cap is
<br />10 mills per local government, excluding voted
<br />millages. In FY 2015/16, Indian River County
<br />imposed an aggregate millage rate of 5.8001.
<br />According to County policy, ad valorem taxes may
<br />be used for both operating and capital project
<br />expenditures.
<br />Figure 6.1: Ad Valorem Tax Revenue by
<br />FY
<br />$90,000 --
<br />$80,000
<br />$80,000 $75,a5a $72,716 $76,634
<br />$70,328
<br />$70,000 W,970
<br />$60,000
<br />$50,000-
<br />$40,000-
<br />$30,000
<br />50,000$40,000$30,000
<br />$20,000
<br />$10,000
<br />$o
<br />10/11 11/12 12/13 13/14 14/15 15/16
<br />■ Revenue (in thousands)
<br />Source: Indian River County Finance Department
<br />Table 6.1 shows that, in FY 2015/16, Indian River County collected approximately $84,714,000 in
<br />ad1 t I FY 2015/16 d 1 t
<br />va orem axes. n , a va orem axes
<br />represented 35.64% of all revenues collected by
<br />Indian River County.
<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 />decreased in 2012/13, and has increased each year
<br />since then. The increase relates to a continually
<br />improving housing and property market.
<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 the
<br />eneral title "ente rise funds "must raise revenues
<br />Figure 6.2: Enterprise Fund Reserve by
<br />FY
<br />$60,000 _ _ --_--
<br />$51,07
<br />$50,000 $45,337 $47,739
<br />$42,378 F$42,9051 $43,649
<br />$40,000-
<br />$30,000-
<br />$20,000-
<br />$10,000
<br />40,000$30,000$20,000$10,000
<br />$0
<br />10/11 11/12 12/13 13/14 14/15 15/16
<br />■ Revenue (in thousands)
<br />Source: Indian River County Finance Department
<br />g �
<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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