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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. The <br />state mandated millage cap is 10 mills per <br />local government, excluding voted millages. <br />In FY 2020/21, Indian River County imposed <br />an aggregate millage rate of 6.1286. <br />According to County policy, ad valorem taxes <br />may be used for both operating and capital <br />project expenditures. <br />Table 6.1 shows that in FY 2020/21 Indian <br />Figure ii:UA-dVai aTaltRvvem!eby <br />FY <br />s140.000 _,...._.:_ <br />512000 Mum <br />sl0w <br />5 <br />lid <br />520.000 <br />s0 <br />15J16 MV tvit 'iii Ott <br />SWAVC Man River County FinanM9" 9" "M <br />River County collected approximately $115,595 in ad valorem taxes. In FY 2020/21, ad valorem <br />taxes represented 35.23% 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 2015/16. 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 />must raise revenues from outside the <br />S70.00a <br />S60.00D <br />550,000 <br />$40,000 <br />530,000 <br />$20,000 <br />Figure 6.2: Enterprise Fund Reserve by <br />FY <br />government sector. Generally, enterprise departments assess a fee to the customer using the goods <br />Community Development Department <br />Adopted December _, 2022, Ordinance 2022 - <br />Indian River County <br />3 <br />222 <br />