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Comprehensive Plan Capital Improvements Element <br />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 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 <br />taxes are generally assessed in mills; that is, <br />thousandths of a dollar of assessed value. <br />The state mandated millage cap is 10 mills <br />per local government, excluding voted <br />millages. In FY 2017/18, Indian River <br />County imposed an aggregate millage rate of <br />5.9901. According to County policy, ad <br />valorem taxes may be used for both operating <br />and capital project expenditures. <br />Table 6.1 shows that, in FY 2017/18, Indian <br />River County collected approximately <br />Figure 6.1: Ad Valorem Tax Revenue by <br />FY <br />$120,000 <br />$100,000 <br />36a �,a <br />$80,000 s,2„6� <br />366,970 <br />$60,000 <br />$40,000 <br />$20,000 <br />$o <br />12/13 13/14 14/15 15/16 16/17 17/18 <br />■ Revenue (in Mmiands) <br />Source: Indian River County Finance Department <br />$98,639 in ad valorem taxes. In FY FY <br />2017/18, ad valorem taxes represented 36.17% of all revenues collected by Indian River County. <br />Figure 6.1 displays the ad valorem tax <br />revenue collected by Indian River County <br />over the last six fiscal years. As shown, ad <br />valorem tax revenue has increased each year <br />since FY 2012/13. 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 <br />the private sector. Such departments, classed <br />under the general title "enterprise funds," <br />Community Development Department <br />Adopted December 3, 2019, Ordinance 2019-020 <br />Figure 6.2: Enterprise Fund Reserve by FY <br />$60,000 $s6327 <br />s6ton isz,� <br />$50,000&y sas,aai f4�'� <br />$40,000 <br />$30,000 <br />$20,000 <br />$10,000 <br />$0 <br />12/13 13/14 14/15 15/16 16/17 17/18 <br />• Remwe(in Nmmms) <br />Source: Indian River County Finance Department <br />Indian River County <br />3 <br />