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Comprehensive Plan Capital Improvements Element Local Sources Local sources consist of revenues that are levied, collected and disbursed at the local level solely at the discretion of Indian River County. Those local sources are shown in table 6. 1, and are described ;n fiirthvr A -tall kpinw • Ad Valorem Taxes (Property Taxes) Ad Valorem taxes are taxes levied on the assessed value (net of any exemptions) of real and personal property. This tax is commonly referred to as "property tax." Ad valorem taxes are generally assessed in mills; that is, thousandths of a dollar of assessed value. The state mandated millage cap is 10 mills per local government, excluding voted millages. In FY 2018/19, Indian River County imposed an aggregate millage rate of 5.9901. According to County policy, ad valorem taxes may be used for both operating and capital project expenditures. Table 6.1 shows that, in FY 2018/19, Indian River County collected approximately $105,247 in ad valorem taxes. In FY 2018/19, ad valorem taxes represented 37.70% of all revenues collected by Indian River County. Figure 6.1 displays the ad valorem tax revenue collected by Indian River County over the last six fiscal years. As shown, ad valorem tax revenue has increased each year since FY 2013/14. The increase relates to a continually improving housing and property market. • Enterprise Funds Figure 6.1: Ad Valorem Tax Revenue by FY $120,000 $105,247 $100,000 $�' 639 $84,714 $80,000 $72,716 $76,634 $60,000 - - - $40,000 ? — - $20,000 - - - $0 13/14 14/15 15/16 16/17 17/18 18/19 ■ Revenue (n thousands) Source: Indian River County Finance Department Figure 6.2: Enterprise Fund Reserve by FY $60,000 S5fi,327 $56,751 551.072 $52.769 $50,000 545.337 S1� 733 $40,000 -- --- $30,000 - $20,000 — -- $10,000 -- $o 13114 1415 15 `16 16117 17/18 18/18 WRevenue (in thousands) Source: Indian River County Finance Department Within governmental entities, there are often various departments that provide goods and services to the public in a manner similar to the private sector: Such departments, classed under the general title "enterprise funds," must raise revenues from outside the government sector. Generally, enterprise departments assess a fee to the customer using the goods or services provided by that department. In Indian River County, Utility System, Solid Waste Disposal District, Golf Course, and Building Division are enterprise funds. Community Development Department Adopted December P' 2020, Ordinance 2020-018 Indian River County 3