|
total revenue through FY 2023/24, of 10.38%. The "Other Sources" category included revenue
<br />sources such as grants that can vary year to year.
<br />Many of the revenue sources identified in the CIP have unique characteristics. For example, sales
<br />taxes react differently than gas taxes to similar circumstances. The analysis accounts for such
<br />differences. Because gas taxes are levied on a per gallon basis rather than a price percentage basis
<br />like the sales tax, gas taxes do not increase as a result of rising prices the way that sales taxes do.
<br />Further, gas taxes do not typically decline as significantly as sales taxes during economic slowdowns.
<br />For property taxes, impact fees, user fees, interest earnings, and other revenues, additional behavioral
<br />characteristics were considered in forecasting future receipts. All such forecasts were developed with
<br />the use of professionally accepted methodologies. To ensure a financially balanced CIP (see
<br />Appendix A), scheduled expenditures were constrained by projected revenues.
<br />As part of this capital improvements element, the County's general revenues were forecasted for fiscal
<br />years 2019/20 through 2023/24. This section addresses general revenues and earmarked projected
<br />revenues as well as the county's tax base and millage rate projections.
<br />Overall Forecasted Revenues
<br />Table 6.7 summarizes the County's forecasted revenue for fiscal years 2019/20 through 2023/24.
<br />Those revenues include the County's general governmental funds, enterprise funds, and internal
<br />funds. As table 6.7 shows, general revenue collected by the County is forecast to decrease from fiscal
<br />year 2019/20 to fiscal year 2023/24 with revenues from "Other Sources" such as grants decreasing.
<br />Projecting a decrease in grant funding due to uncertainty of future grants is a conservative approach.
<br />Actual grant funding may be greater than projected.
<br />Table 6.7: Overall General Revenue Projection Summary .
<br />FY
<br />2019/20
<br />2020/21
<br />2021/22
<br />2022/23
<br />2023/24
<br />TOTAL
<br />Taxes
<br />$145,293,007
<br />$148,925,000
<br />$152,648,000
<br />$156,464,000
<br />$$160,376,000
<br />$763,706,007
<br />Permits, Fees &
<br />$33,021,441
<br />$33,847,000
<br />$34,693,000
<br />$35,560,000
<br />$36,449,000
<br />$173,570,441.00
<br />Special Assess.
<br />Intergovern-
<br />$23,501,341
<br />$24,089,000
<br />$24,691,000
<br />$25,308,000
<br />$25,941,000
<br />$123,530,341.00
<br />ment
<br />Charges for
<br />$83,195,900
<br />$85,276,000
<br />$87,408,000
<br />$89,593,000
<br />$91,833,000
<br />$437,305,900.00
<br />Services
<br />Judgements,
<br />Fines &
<br />$463,120
<br />$475,000
<br />$487,000
<br />$499,000
<br />$511,000
<br />$2,435,120.00
<br />Forfeitures
<br />Interest &
<br />$9,061,049
<br />$9,288,000
<br />$9,520,000
<br />$9,758,000
<br />$10,002,000
<br />$47,629,049.00
<br />Misc.
<br />Other Sources
<br />$123,445,299
<br />$112,300,161
<br />$82,680,698
<br />$93,474,906
<br />$72,350,983
<br />$484,252,047
<br />TOTAL
<br />$417,981,157
<br />$414,200,161
<br />$392,127,698
<br />$410,656,906
<br />$397,462,983
<br />$2,032,428,905
<br />Source: Indian River County Office of Management and Budget.
<br />Community Development Department Indian River County
<br />Adopted December 1 2019, Ordinance 2019-_ 28 187
<br />
|