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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 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 2016/17, Indian River County <br />imposed an aggregate millage rate of 5.8349. <br />According to County policy, ad valorem taxes may <br />be used for both operating and capital project <br />expenditures. <br />bl 6 1 h h FY 2016/17 T - d' R' <br />Figure 6.1: Ad Valorem Tax Revenue by <br />FY <br />$100,000 — <br />$90,000 <br />$80,000 <br />$70,000 <br />$60,000 <br />$50,000 <br />$40,000 <br />$30,000 <br />$20,000 <br />''IEWLEL <br />$10,000ILIUM <br />$0 1 1 1 , <br />11/12 12/13 13/14 14/15 15/16 16/17 <br />o Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Ta e. s ows t at, m ian Iver <br />County collected approximately $90,192,000 in ad valorem taxes. In FY 2016/17, ad valorem taxes <br />represented 37.22% of all revenues collected by 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 <br />year since then. The increase relates to a <br />continually improving housing and property <br />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 <br />the general title "enterprise funds," must raise <br />revenues from outside the government sector. <br />Figure 6.2: Enterprise Fund Reserve by <br />FY <br />$60,000 <br />�s�,o�z $sz,7ss <br />$50,000 $as,a37 739 <br />$az,sos $43.649 <br />$40,000-- <br />$30,000-- <br />$20,000 <br />$10,000- <br />$0- <br />11/12 <br />10,000$011/12 12/13 13/14 14/15 15/16 16/17 <br />El Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Generally, enterprise departments assess a fee to the customer using the goods or services provided <br />Community Development Department Indian River County <br />Adopted December 4, 2018, Ordinance 2018-025 3 <br />