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SJRWMD FY 2017-2018 Final Budget primarily due to tax revenue growth from new construction. It is worth noting that due to the combination of the District's effort in reducing millage rate and lower taxable values in recent years, the ad valorem revenue in FY 2017-18 is 41 percent lower than its peak in FY 2007-08 (see Figure 5). $160 $140 $120 C $100 E $80 �n $60 $40 $20 i FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Figure 5. District ad valorem revenue since FY 2007-08 Other District Sources ($5.53 million) Other District sources for FY 2017-18 total $5.53 million. This represents a decrease of $420,000 compared to the FY 2016-17 amended budget. Other District sources include forecasted new revenues from land management, permit fees, interest earnings, sale of fixed assets, and other miscellaneous revenues. The decrease is primarily due to a projected decline of $800,000 in investment earnings. Fund Balance ($27.9 million) The use of fund balance has played a major role in funding the District's non- operating budget in recent years, particularly in funding fixed capital outlay and cooperative funding projects. The projected use of fund balance for FY 2017-18 totals $27.9 million. This represents a decrease of $19.78 million compared to the FY 2016-17 amended budget. The variance in the use of fund balance is not indicative of the availability of fund balance. The District is utilizing its fund balance based on the five-year fund balance utilization plan. The District currently projects no committed use of fund balance beyond FY 2021-22. Local Revenues ($2.06 million) The Final Budget includes $2.06 million from local sources. This is an increase of $1.14 million or 123.4 percent from the FY 2016-17 amended budget. The large increase is primarily due to a new $1.5 million contribution from Florida Inland Navigation District (FIND) for the Eau Gallie River Environmental Muck Dredging project under activity 2.3 Surface Water Projects. Page 25 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 Figure 5. District ad valorem revenue since FY 2007-08 Other District Sources ($5.53 million) Other District sources for FY 2017-18 total $5.53 million. This represents a decrease of $420,000 compared to the FY 2016-17 amended budget. Other District sources include forecasted new revenues from land management, permit fees, interest earnings, sale of fixed assets, and other miscellaneous revenues. The decrease is primarily due to a projected decline of $800,000 in investment earnings. Fund Balance ($27.9 million) The use of fund balance has played a major role in funding the District's non- operating budget in recent years, particularly in funding fixed capital outlay and cooperative funding projects. The projected use of fund balance for FY 2017-18 totals $27.9 million. This represents a decrease of $19.78 million compared to the FY 2016-17 amended budget. The variance in the use of fund balance is not indicative of the availability of fund balance. The District is utilizing its fund balance based on the five-year fund balance utilization plan. The District currently projects no committed use of fund balance beyond FY 2021-22. Local Revenues ($2.06 million) The Final Budget includes $2.06 million from local sources. This is an increase of $1.14 million or 123.4 percent from the FY 2016-17 amended budget. The large increase is primarily due to a new $1.5 million contribution from Florida Inland Navigation District (FIND) for the Eau Gallie River Environmental Muck Dredging project under activity 2.3 Surface Water Projects. Page 25