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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 in fiirthar rlatail hal nm • 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 2019/20, Indian River County imposed an aggregate millage rate of 6.1192. According to County policy, ad valorem taxes may be used for both operating and capital project expenditures. Figure 6.1: Ad Valorem Tax Revenue by FY $140,000 $120,000 s1,a,457 5,05,247 $100,000 584,7,4 $90,192 s96,s3s $80,000 $78,634 $60,000 $40,000 $20,000 $0 14/15 15/16 16/17 17/18 18/19 19/20 ■Revenue (in lhousands) Source: Indian River County Finance Department Table 6.1 shows that, in FY 2019/20, Indian River County collected approximately $114,457 in ad valorem taxes. In FY 2019/20, ad valorem taxes represented 40.07% 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 2014/15. The increase relates to a continuall im rovin housin Y p g g and property market. • Enterprise Funds 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 _ 2021, Ordinance 2021 - Figure 6.2: Enterprise Fund Reserve by FY $70,000 ------- $60,000 $56.327 556.751 557.915 551,072 $50,000 $a7.73s $52.769 $40,000 $30,000 $20,000 $10,000 $a 14/15 15/16 16/17 17/18 18/19 19/20 ■Revenue (in thousands) Source: Indian River County Finance Department Indian River County 3 134